April 1, 2024
Latest Cryptocurrency News

Tether Completes Highest Security Compliance Audit

Tether has announced the complete completion of a System and Organization Controls 2 (SOC) audit, which represents the highest degree of security compliance possible. This audit, conducted by the American Institute of Certified Accountants (AICPA), demonstrates Tether’s unwavering dedication to providing a safe customer experience.

Emphasizing Security Standards

Paolo Ardoino, CEO of Tether, emphasized the significance of this compliance measure in reassuring consumers about the rigorous security mechanisms in place.

“This independent validation of security controls is vital for Tether, demonstrating our commitment to being the world’s most trusted and compliant stablecoin.”

Statement from Paulo Ardoino

Tether intends to conduct annual SOC 2 audits to ensure consistency in its security processes. Furthermore, the company intends to obtain SOC 2 Type II accreditation by the end of 2025, therefore confirming the effectiveness of its internal controls over a 12-month period.

Ambitious Expansion Beyond Stablecoins

While Tether continues to dominate the stablecoin market, with a current market capitalization exceeding $104 billion, the company is not resting on its laurels. It aims to diversify its offerings and expand into new territories, including Bitcoin mining.

Tether’s ambitious plans include investing approximately $500 million in constructing Bitcoin mining facilities across El Salvador, Uruguay, and Paraguay. The goal is to increase computing power to encompass 1% of the Bitcoin mining network, as outlined by Ardoino in a Bloomberg interview.

The company’s strategy involves setting up flexible facilities with capacities ranging from 40 to 70 megawatts (MW) and exploring innovative financing options. Ardoino emphasized the importance of gradual growth in mining operations, stating:

“Mining for us is something that we have to learn and grow over time. We are not in a rush to become the biggest miner in the world.”

Tether’s latest initiatives underscore its dynamic approach to innovation and its commitment to maintaining the highest standards of security and compliance in the ever-evolving cryptocurrency landscape.

Image by freepik

Related posts

KyberSwap Hacker Moves Millions Across Blockchains as Fallout Continues

Anna Garcia

A Decade Behind Bars: Silk Road Creator Ross Ulbricht’s Ongoing Struggle

Robert Paul

Key Court Ruling Unveils Potential Disclosure of Sealed Documents in SEC’s Terraform Labs Case

Henry Clarke

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More