Guys, let me tell you, Tether just made a power move. They brought in Simon McWilliams as their new Chief Financial Officer.
Now, this guy isn’t just some bean counter. He’s got over 20 years of experience in financial management and auditing.
The cavalry’s here
McWilliams’ mission? To clean up Tether’s act and finally give us that transparency everyone’s been demanding. Big deal? Oh, you bet it is.
For years, people have been side-eyeing Tether, questioning if their $232 billion stablecoin empire is really backed the way they claim.
Sure, they’ve been showing us quarterly reports from BDO, but let’s be honest, those aren’t the full audits we’ve been waiting for.
Critics have been saying, “show us the receipts”, and well, McWilliams is here to do just that. He’s leading a comprehensive audit to clear up any doubts about Tether’s reserves.
New chairman
Giancarlo Devasini, the former CFO, is moving up to the Chairman seat. His focus? Big-picture stuff like getting Tether deeper into the U.S. financial system and pushing global adoption of digital assets.
It’s a shake-up at the top, and it couldn’t come at a more critical time.
Now let’s talk numbers because this is where it gets juicy. Tether claims that 82.35% of its reserves are in cash or cash-like assets, with nearly 80% of that in U.S. Treasury bills. Sounds solid, right?
But skeptics aren’t buying it without a full audit. Remember that 2021 settlement with the New York Attorney General? That didn’t exactly help their credibility.
Moving headquarter
Tether recently packed its bags and moved headquarters to El Salvador. Why? To get a Digital Asset Service Provider license and strengthen its footing in the institutional market.
It’s a bold move, or some might say risky, but it shows they’re serious about playing in the big leagues.
So here we are, there is a new leadership, promises of transparency, and big plans for the future. Will McWilliams deliver the audit that finally silences the critics? Criticism doesn’t works like this, so likely not.
So will Tether stay stuck in the shadow of doubt? Maybe. Transparency will be bigger? Almost sure!
Have you read it yet? The SEC’s crypto retreat means is the war on crypto really over?
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
