Tether, the company behind the world’s largest stablecoin, has recently achieved a significant milestone by completing a System and Organization Controls 2 (SOC) audit, marking a pinnacle of security compliance as outlined by the American Institute of Certified Accountants (AICPA).
This accomplishment reflects Tether’s dedication to maintaining a secure and reliable platform for its users.
Paolo Ardoino, Tether’s CEO, emphasized the importance of this achievement in a statement released on April 1, saying, “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.”
In addition to this achievement, Tether has committed to annual SOC 2 audits to continuously verify that its security practices meet rigorous standards.
The company also plans to secure the SOC 2 Type II certification by the end of 2025, a testament to its long-term dedication to internal control efficacy over a 12-month evaluation period.
Tether’s stablecoin, USDT, has witnessed remarkable growth, achieving a $100 billion market cap on March 4 and ranking as the third-largest cryptocurrency, trailing only behind Ether and Bitcoin.
This growth underscores Tether’s significant impact on the crypto market, further highlighted by its plans to expand beyond stablecoins into Bitcoin mining.
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The firm has outlined an ambitious $500 million investment strategy to establish Bitcoin mining operations in Uruguay, Paraguay, and El Salvador.
In a Bloomberg interview on Nov. 16, 2023, Ardoino shared Tether’s goal to command 1% of the Bitcoin mining network, alongside detailing plans for expanding its mining capacity to 450 megawatts (MW) by 2025.
This expansion includes considerations for a 300 MW facility and innovative strategies for operational flexibility, such as relocatable containerized facilities to adapt to fluctuating electricity prices.
Ardoino’s cautious yet optimistic approach to mining expansion reflects Tether’s broader strategy of careful growth, 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.”
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