Tether has appointed Simon McWilliams, an expert in alternative asset management, as its new Chief Financial Officer (CFO).
According to a statement by the company, Simon McWilliams, who previously held CFO positions at Quantmetrics Capital Management and LetterOne in the United Kingdom, will step into the role previously held by Giancarlo Devasini, who has transitioned to the role of Chairman of Tether.
Tether, the pioneer of stablecoins and issuer of USD₮ and Tether Gold (XAUt) and three other products, stated that McWilliams’ appointment aligns with the company’s expansion plans and will support its efforts toward a full financial audit as global adoption of stablecoins continues to grow.
With over two decades of experience in financial management, McWilliams is expected to lead Tether in its commitment to transparency. His appointment marks “a crucial step in raising industry standards and strengthening regulatory engagement,” the company said.
The announcement comes at a time when the cryptocurrency industry is witnessing a new wave of regulatory policies, with several countries planning to include digital assets in their reserves. In the United States, former President Donald Trump recently expressed his preference for BTC, ADA, ETH, SOL, and XRP ahead of the White House Crypto Summit, scheduled for March 7, 2025.
Before Trump pledged to make the U.S. the global crypto capital, Tether had relocated its headquarters to El Salvador after securing a Digital Asset Service Provider (DASP) license in the country.
The latest move further cements Tether’s leadership in the stablecoin market, with USDT continuing to strengthen the global reach of the U.S. dollar.
“With his leadership, we are moving decisively toward a full audit, reinforcing our role in supporting U.S. financial strength and expanding institutional engagement,” said Tether CEO Paolo Ardoino.
Devasini Now Chairman of Tether
Former CFO Giancarlo Devasini has now assumed office as the Chairman of Tether. He served as CFO for more than a decade, playing “a fundamental role in shaping Tether’s success and driving its expansion into the largest stablecoin issuer in the world.”
As Chairman, he is expected to focus on macroeconomic strategy, guiding Tether as it continues to support the U.S. financial system, the company stated.
About Tether
Tether is the brain behind the creation of USDT, a stablecoin pegged to the U.S. dollar, has contributed significantly to the growth of dollar-backed assets. Tether remains the leading gateway for access to the U.S. dollar, benefiting more than 400 million users globally.
By digitizing the U.S. dollar, Tether has expanded access to U.S. financial instruments, providing adopters with greater integration into the U.S. economy.