Tether drives financial transparency with new CFO and Chairman, aiming for a comprehensive audit and increasing presence in the global financial system.
Tether appoints new CFO, aiming for a comprehensive audit
The leading issuer of the USDT stablecoin, Tether, has announced the appointment of Mr. Simon McWilliams as the Chief Financial Officer (CFO). With over 20 years of experience in finance and auditing, McWilliams will play a crucial role in driving transparency and compliance at Tether.
Furthermore, Tether has also announced a significant personnel change - Mr. Giancarlo Devasini, who has played a key role in Tether's development, will step down from the CFO position to assume the role of Chairman of the company. Over the past decade, Devasini has been instrumental in leading Tether to become the world's largest stablecoin issuer and a pioneer in expanding the applications of digital assets.
In his new role, Devasini will focus on macrostrategic initiatives, guiding Tether in supporting the US financial system and promoting the global development of digital assets. CEO Paolo Ardoino affirmed that Devasini's leadership will continue to help Tether maintain its position in the rapidly evolving crypto industry.
Tether Appoints New CFO to Drive Full Audit, Reinforcing Transparency Focus
— Tether (@Tether_to) March 3, 2025
Read more:https://t.co/hj2XMLgRpU
The appointment of McWilliams and the role change of Devasini mark an important phase for Tether, as the company not only aims for a comprehensive audit but also seeks to expand its influence in the international financial ecosystem.
The announcement of these "heavyweight" personnel changes not only aims to pave the way for a comprehensive audit but also serves the goal of strengthening Tether's global presence and considering expanding operations in the US thanks to crypto-friendly regulations under the Trump administration. The company has recently relocated its headquarters to El Salvador after receiving a Digital Asset Service Provider (DASP) license, affirming its position in the international financial ecosystem.
Tether closed a remarkably successful year in 2024 with a record profit of $13 Billion, consolidating its "reign" in the stablecoin market. In 2025, Tether aims to exceed a $10 Billion profit, with much of the expectation focused on the growth of Bitcoin - the cryptocurrency that the company holds in its asset portfolio.
With over $113 Billion in US Treasury bonds, Tether is currently the 18th largest holder of US government debt, surpassing major economies like Germany and the United Arab Emirates (UAE). According to on-chain data, the market capitalization of the USDT stablecoin has surpassed the $140 Billion mark, setting a new all-time high (ATH) of $142.49 Billion.
The market capitalization of the USDT stablecoin as of 08:40 PM on 03/03/2025 on CoinGecko.
Compiled by Coin68
