thenewscrypto.com
- The AICPA (American Institute of Certified Public Accountants) created the audit.
- Tether has promised to undertake SOC 2 assessments every year.
System and Organization Controls 2 (SOC) audits are the pinnacle of security compliance, and Tether has revealed that they have successfully completed one. The AICPA (American Institute of Certified Public Accountants) created the audit.
According to a statement made by Tether CEO Paolo Ardoino on April 1, the audit highlighted Tether’s dedication to providing a safe customer experience.
The CEO stated:
“This compliance measure assures our customers that their assets and data are managed in an environment meeting the highest standards for data protection and information security. This independent validation of security controls is vital for Tether, demonstrating our commitment to being the world’s most trusted and compliant stablecoin.”
Leading at the Front
To keep its security processes up to date and in line with the requirements, Tether has promised to undertake SOC 2 assessments every year. The SOC 2 Type II accreditation, which evaluates Tether’s internal controls over a 12-month period, is something the company is aiming for by the end of 2025.
Market valuation for USDT, the biggest stablecoin issued by Tether, is more over $104 billion at the moment, as recorded by CoinMarketCap. On March 4, the market valuation of Tether’s USDT hit a new high of $100 billion, reflecting a gain of 9% so far this year.
After Bitcoin and Ether, Tether is now the third most valuable cryptocurrency by market valuation. Its nearest rival, Circle’s USD Coin (USDC), ranks seventh among cryptocurrencies by market valuation, at $32.5 billion.
Beyond stablecoins, Tether is also branching out into other markets. The company intends to invest around $500 million to build Bitcoin mining operations in El Salvador, Paraguay, and Uruguay.