Tether has announced the successful completion of a System and Organization Controls 2 (SOC) audit, considered the highest level of security compliance, as developed by the American Institute of Certified Accountants (AICPA).
Paolo Ardoino, Tether‘s CEO, emphasized the significance of the audit, stating that it assures customers of the highest standards for data protection and information security, reinforcing Tether’s commitment to providing a secure user experience.
Tether has committed to undergoing annual SOC 2 audits to ensure its security practices remain consistent with established standards.
The firm aims to achieve the SOC 2 Type II certification by the end of 2025, which evaluates the effectiveness of Tether’s internal controls over a 12-month period.
Tether issues the largest stablecoin, Tether (USDT), with a current market capitalization exceeding $104 billion, making it the third-largest cryptocurrency by market capitalization behind Ether and Bitcoin.
Tether is diversifying its operations beyond stablecoins, planning to invest approximately $500 million in Bitcoin mining facilities in Uruguay, Paraguay, and El Salvador.
Tether aims to grow its computing power to represent 1% of the Bitcoin mining network by expanding its direct mining operations to 450 MW by the end of 2025.
The firm is strategically setting up facilities inside containers that can be relocated based on electricity price fluctuations, demonstrating a prudent approach to mining operations.
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