Tether has appointed Simon McWilliams as its new Chief Financial Officer (CFO) as the leading stablecoin issuer moves toward the completion of a full financial audit.

McWilliams, a finance executive with over 20 years of experience, is set to lead Tether’s transparency and regulatory engagement efforts.

The appointment, according to the company’s announcement, represents a “firm commitment to completing a full audit, a crucial step in raising industry standards and strengthening regulatory engagement.”

Tether currently publishes quarterly attestations of its reserves verified by accounting firm BDO, but it hasn’t yet undergone a full independent audit. The company has for years faced criticism surrounding its reserves, with various critics suggesting the firm didn’t have enough reserves to fully back the USDT in circulation.

Back in 2021, the New York Attorney General’s office settled with Bitfinex over a 22-month inquiry into whether the exchange covered up a loss of $850 million in customer and corporate funds. That inquiry found that “Tether’s claims that its virtual currency was fulled backed by U.S. dollars at all times was a lie.”

A full audit could provide more detailed insight into Tether’s reserves. Three and a half years ago, the firm’s General Counsel Stuart Hoegner said in an interview that an audit was just “months, not years” away.

The stablecoin giant holds over $113 billion in U.S. Treasury bills, making it one of the largest holders of U.S. government debt, and reported a $13 billion profit for 2024. The company said these holdings contribute to global liquidity and support access to the U.S. dollar, particularly in emerging markets.

“Tether is once in a century company. And we’re laser focused on transparency, doubling down our efforts for a full audit,” Tether’s CEO Paolo Ardoino said on social media. “Simon’s hire is massive, truly a force of nature in the financial world.”

As part of the leadership shift, Giancarlo Devasini, Tether’s longtime CFO, will transition to Chairman of the Group.