Tether is working to build trust in its operations by focusing on a full audit after hiring Simon McWilliams as the new Chief Financial Officer (CFO). According to a post , this decision aims to provide more transparency and strengthen investor confidence in Tether’s stability and reliability. Tether’s Transparency Plan Meanwhile, Paolo Ardoino, CEO of Tether, said that McWilliams’ strong background in financial audits was a key reason for his appointment. Ardoino stressed that McWilliams’ experience in doing thorough financial audits makes him the right choice to lead Tether’s push for greater transparency. With McWilliams in charge, the audit will help investors understand the company’s reserve holdings more clearly. The push for an audit is also part of Tether’s broader strategy to dispel doubts about its USDT stablecoin backing. As a stablecoin widely used in the cryptocurrency market, Tether has long faced scrutiny over its reserve backing. Although the company has periodically claimed to hold sufficient reserves to back its tokens, critics have called for more transparency and independent verification of these claims. Recall that the stablecoin issuer partnered with BDO Italia in 2022 for its USDT reserves review . Tether Fires UN Over Negative USDT Report Earlier in 2024, the issuer of the largest stablecoin by market capitalization fired the United Nations over reports that the intergovernmental organization called stablecoin a fraud . The firm expressed disappointment in the UN’s assessment, which singled out USDT’s involvement in digital asset scams. “Tether tokens, using public blockchains, make it possible to meticulously track every transaction, making it an impractical choice for illicit activities.” Tether has collaborated with multiple regulatory authorities in the United States, like the DOJ, FBI, and others. The company also offered unparalleled monitoring, surpassing traditional banking systems. Tether’s Expanding Influence Beyond Stablecoins Tether is no longer just a stablecoin company. In the past year, it has invested in Bitcoin mining , artificial intelligence (AI), and even a football club. With this move into agribusiness, Tether is expanding its reach even further. At the same time, Tether’s flagship product, USDT, remains the largest in the market, with a value of over $140 billion. The company is also working with the government of Guinea to help the country with digital transformation, including using blockchain to support economic growth and innovation. The post Tether Onboards New CFO As It Eyes Full Audit appeared first on TheCoinrise.com .
