Tether has announced that it has successfully completed an audit of System and Organization Controls 2, or SOC 2, which is the greatest level of security compliance that an organization can demonstrate.
The American Institute of Certified Public Accountants (AICPA) established the highest standard for security compliance, the SOC 2 Type 1 audit test, confirming Tether’s position as an industry pioneer committed to offering a safe experience.
Paolo Ardoino, Tether’s CEO, said in an April 1 announcement that the audit highlighted the company’s commitment to ensuring a safe customer experience.
Security, Availability, Processing Integrity, and Confidentiality serve as the foundation for the SOC 2 Type 1 report. It guarantees that Tether has robust IT control measures in place to ensure that its systems were secure, available when needed, and data privacy was maintained.
It assesses network dependability, problem-solving speed, and security features like as firewalls, intrusion detection, and better customer authentication.
He stated, “This compliance measure ensures that our customers’ assets and data are managed in an environment that meets the highest data protection and information security standards.” This independent certification of security controls is critical for Tether, proving our dedication to being the world’s most trustworthy and compliant stablecoin.”
Tether prioritizes novel security methods while emphasizing transparency and accountability to its stablecoin users. Completing the SOC 2 Type 1 audit demonstrates its commitment to strong security and regulatory compliance, which builds trust in the community.
Tether has committed to conducting yearly SOC 2 audits to guarantee that their security measures continue to exceed standards.
According to CoinMarketCap data, Tether is the stablecoin with the highest market capitalization, worth roughly $104 billion. On March 4, Tether’s USDT reached a new high of $100 billion in market capitalization, up 9% year on year.
