Tether, the issuer of the world’s largest stablecoin, USDT has appointed Simon McWilliams as Chief Financial Officer (CFO). The company confirmed the appointment on Monday through an official blog post.Â
In the post, Tether revealed that the new CFO will drive the company toward a full financial audit. A step the firm regarded as historic. The stablecoin issuer described McWilliams as an industry expert with more than 20 years of experience.
Furthermore, Tether added that the CFO will lead the efforts of the firm toward transparency and regulatory compliance. The company explained how full financial audits will further raise industry standards while enhancing regulatory engagement.
With the audit, the stablecoin issuer aims to ensure greater financial integrity and verification of reserves. The firm narrated how the financial audit is a key move in its plan to become a force to reckon with.
Notable changes within the Tether hierarchy
Meanwhile, Giancarlo Devasini the former CFO of the company will now transition to the chairman of the Tether Group. As part of his new responsibility, Devasini will focus on macroeconomic strategy to further help the company maintain its support to the US financial setup.
The company described how the former CFO has been instrumental in its growth as a pioneer in the stablecoin space. Also, the Chief Executive Officer of the group, Paolo Ardoino divulged how the visionary approach of Giancarlo Devasini has propelled the company to becoming an industry leader.
More so, the CEO said the company is confident that Giancarlo Devasini will push the long-term success and vision of the firm.
Effort on market expansion
In the statement, Tether narrated how it has been preparing for the move since many months ago, underlying its commitment to cooperating with regulators. The company went on to narrate how its focus on global expansion compelled it to relocate to El Salvador.
Tether secured a Digital Assets Service Provider (DASP) license before moving to the country. Thanks to this license, the company will strengthen its operational foundation and position it for future advancement.
Likewise, Tether highlighted some of its recent achievements in the statement. As indicated, the firm said it now has more than $113 billion in US Treasury holdings which makes the company the 18th largest holder of government debts.
According to Tether, the holdings are important to the US economy as they provide critical liquidity and support for the country’s debt market. Lastly, the firm disclosed that the holdings made Tether and the stablecoins sector a subject of interest to the US government.