Simon McWilliams steps in as Tether CFO, will focus on audit readiness

(Reuters) -Tether has appointed Simon McWilliams its new chief financial officer, the company behind the stablecoin technology said on Monday, as it moves towards a full financial audit.

McWilliams, a seasoned finance executive with more than 20 years of experience leading large investment management firms through rigorous audits, will steer Tether in keeping with its commitment to transparency and regulatory readiness, the company said.

He takes over from Giancarlo Devasini, who will transition to the role of chairman of the group.

Tether has emerged as a dominant force in the booming market for stablecoins, which are designed to maintain a constant value by being pegged to traditional currencies.

Stablecoins offer users a way to move money between cryptocurrencies without exposure to price volatility.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Pooja Desai)

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