The Unbelievable Tether CFO Appointment That May or May Not Solve Everything

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In a bold, yet entirely predictable move, Tether has appointed Simon McWilliams as its new chief financial officer. Why, you ask? Well, it’s all part of their grand plan to conduct a full financial audit. According to the official announcement (which probably includes some confetti and maybe a balloon drop), McWilliams will lead the charge to improve transparency and comply with every regulation that’s ever been written on a napkin.

Currently, Tether shares quarterly reports on its reserves through BDO, but somehow, they’ve managed to dodge a full independent audit. Critics, who clearly have too much time on their hands, question whether Tether actually has the assets to back all those USDT tokens floating around the globe. A full audit, it seems, could provide a clearer (and maybe more enjoyable) picture of Tether’s financial situation.

Paolo Ardoino, Tether’s CEO, chimed in with his thoughts on the matter, because, apparently, transparency is now the hot new trend. He said:

“Simon’s expertise in financial audits makes him the perfect CFO to lead Tether into this new era of transparency. With his leadership, we are moving decisively toward a full audit, reinforcing our role in supporting US financial strength and expanding institutional engagement.”

Tether’s US Debt Holdings and Market Influence

Let’s take a moment to appreciate the true size of Tether, which was founded in 2014 and now, inexplicably, holds over $113 billion in US government bonds. Yes, you read that correctly—$113 billion. This makes them one of the biggest holders of American debt. According to Tether, these vast holdings help keep the market stable, support the US debt system, and somehow make the dollar more trustworthy. All while doing this with a level of independence from other economies that we can only dream of.

Paolo took to X (formerly Twitter, but who’s counting) to trumpet the company’s unwavering focus on transparency, referring to Tether as a “once-in-a-century” company. Of course, it’s hard to tell whether that’s a humble boast or an actual attempt at a humble boast. He also called Simon’s appointment a significant force in the financial world. A force that might make you think “Hey, this all sounds impressive.” But hold your applause, folks, the drama isn’t over yet.

Enter Jane Adams, a commentator on X with a substantial following (more than 60,000, to be exact), who decided to call out the hype. She found it all a bit much, pointing out that calling Tether a “once-in-a-century” company was about as believable as a unicorn pulling a wagon of gold. After all, they’ve been dodging audits for years. A new CFO isn’t exactly going to make people forget the past, especially not one as “transparent” as a foggy day. Jane, with her sharp wit, didn’t mince words:

Oh, please. Tether—a “once in a century” company? They’ve been dodging audits for years, but now we’re supposed to trust a PR stunt? Hiring a “force of nature” CFO doesn’t erase questions about their reserves. Transparency? We’ll believe it when we see it.

— Jane Adams (@iLoveJaneAdams) March 3, 2025

Leadership Changes and the Path Forward

In even more “you won’t believe this” news, Tether is also making a dramatic leadership shift. The company’s longtime CFO, Giancarlo Devasini, is stepping into the role of Chairman of the Group. Apparently, he’s been doing such a stellar job that the only natural progression was to give him a fancier title and tell him to think about bigger things—like macroeconomic strategy. While he focuses on the grand plans, Tether is now trusting Simon to handle the nitty-gritty of audits and transparency. It’s a win-win, unless you’re Jane Adams.

Paolo Ardoino, clearly overwhelmed with gratitude, thanked Giancarlo for his hard work and leadership. He said that Giancarlo’s brilliant ideas have been instrumental in making Tether a top player in the industry, and with him focusing on the bigger picture, the company is bound to soar to even greater heights. Whether this all ends in a fairy tale or a cautionary tale remains to be seen.

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2025-03-03 21:08