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.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Tether Takes ‘Historic’ Step Towards Transparency With Full Audit and New CFO Appointee appeared first on The Daily Hodl.
