Tether completes ‘gold standard’ security audit
The independent audit is the greatest level of security compliance that an organization may demonstrate. Tether has announced the complete completion of a System and Organisation Controls 2 (SOC) audit, which is the highest degree of security compliance that an organization may achieve. The audit was created by the American Institute of Certified Accountants (AICPA).
Tether’s CEO, Paolo Ardoino, stated in an April 1 announcement that the audit demonstrates the company’s commitment to providing a secure user experience. “This compliance measure assures our customers that their assets and data are managed in an environment that meets the highest standards for data protection and information security.” This independent certification of security controls is critical for Tether, proving our dedication to being the world’s most trustworthy and compliant stablecoin.”
Tether has committed to completing annual SOC 2 audits to verify that its security practices remain in line with the guidelines. Tether plans to acquire SOC 2 Type II accreditation by the end of 2025, which evaluates the efficiency of its internal controls over 12 months. Tether is the largest stablecoin, with a current market valuation of more than $104 billion, On March 4, Tether’s USDT set a record market capitalization of $100 billion, representing a 9% year-to-date increase.
Tether is now the third-largest cryptocurrency by market capitalization, after only Ether ($3,385) and Bitcoin ($66,916). Circle’s USD Coin USDC $1.00, the seventh-largest cryptocurrency, with a market capitalization of $32.5 billion. Tether plans to overtake 1% of Bitcoin mining by 2024.
Tether is also diversifying into new markets beyond stablecoins. The company intends to spend approximately $500 million on the building of Bitcoin mining facilities in Uruguay, Paraguay, and Salvador. Tether’s Ardoino told Bloomberg in a November 16, 2023 interview that the company aims to reach 1% of Bitcoin mining capacity. There will be three new sites, with a total capacity of 40 to 70 megawatts (MW), along with a $610 million debt financing facility for Northern Data Group, a German miner. Tether also plans to increase its direct mining activities to 450 megawatts by the end of 2025. Arduino is also considering a 300 MW facility and is setting up its facilities inside containers that can be moved when electricity prices change, according to the interview. We are not rushing to become the world’s largest miner.
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