Tether, the issuer of the USDT stablecoin, announced that the appointment of Simon McWilliams as CFO marks a key step toward conducting a full financial audit.

According to the press release, Tether previously published quarterly reserve attestations in collaboration with BDO. However, a full audit will provide additional assurance of financial integrity and precise verification of stablecoin reserves.

This move is particularly significant as Tether expands globally. Amid rising demand for digital dollar assets, the company recently relocated its headquarters to El Salvador and obtained a DASP license.

“McWilliams’ expertise in financial auditing makes him the ideal CFO to lead Tether into a new era of transparency,” said Tether CEO Paolo Ardoino.

At the same time, Tether announced the transition of Giancarlo Devasini—the outgoing CFO—to the role of Chairman of the Board. He will now focus on macroeconomic strategy and long-term company planning.

On January 31, Tether reported a record $13 billion in net profit for 2024.