The stablecoin issuer Tether has hired a new chief financial officer (CFO) and committed to completing a full audit.
The veteran finance executive Simon McWilliams will now serve as CFO for Tether, which issues the dollar-pegged USDT, the top stablecoin by market cap.
McWilliams will lead the stablecoin issuer toward a full audit and “spearhead Tether’s further commitment to transparency and regulatory readiness,” according to a press release from the firm.
Tether didn’t provide a timeline for the audit. The firm already releases quarterly attestation reports with the accounting giant BDO, but it says a full audit will “ensure greater financial integrity and verification of reserves.”
The stablecoin issuer has dealt with regulatory issues recently, including failing to gain compliance with the European Union’s new Markets in Crypto Assets (MiCA) regulations, which has led to crypto exchanges delisting USDT in Europe.
MiCA establishes rules covering the supervision, consumer protection and environmental safeguards of crypto assets.
The regulatory framework includes measures that aim to reduce financial crimes, including market manipulation, money laundering and terrorist financing. It also places stablecoin issuers under the European Banking Authority and requires them to hold sufficient liquid reserves.
McWilliams replaces former CFO Giancarlo Devasini, who will now serve as Tether’s “Chairman of the Group.”
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