USDT Tether issuer completes SOC 2 Audit

USDT Tether issuer completes SOC 2 Audit and improves security compliance

USDT Tether issuer completes SOC 2 Audit

The System and Organization Controls 2 (SOC) audit is the most complex and significant to establish security compliance, and Tether said they successfully completed it. The audit was conducted by the AICPA (American Institute of Certified Public Accountants).

According to a statement by Tether CEO Paolo Ardoino on April 1, the audit underscored Tether's commitment to providing a secure customer experience. “This compliance measure ensures our customers that their assets and data are managed in an environment that meets the highest standards of data protection and information security. This independent review of security measures is vital for Tether, demonstrating our commitment to becoming the most trusted and interoperable stablecoin in the world.”

To keep its security processes up to date and compliant, Tether has pledged to conduct SOC 2 assessments every year. SOC 2 Type II accreditation, which evaluates Tether's internal controls over a 12-month period, is what the company aims to achieve by the end of 2025.

The market value of USDT, the largest stablecoin issued by Tether, currently exceeds $104 billion, according to CoinMarketCap. On March 4, Tether's USDT market value reached a new high of $100 billion, reflecting a 9% gain this year.

After Bitcoin and Ether, Tether is now the third most valuable cryptocurrency by market valuation. Its closest competitor, Circle's USD Coin (USDC), ranks seventh among cryptocurrencies by market valuation with $32.5 billion.

Besides stablecoins, Tether is also expanding into other markets. The company intends to invest approximately $500 million in Bitcoin mining in El Salvador, Paraguay and Uruguay.

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