On April 1, Tether announced that it passed the Risk Control Report (SOC) 2 audit, which is the highest security control standard issued by the American Institute of Certified Public Accountants (AICPA).
According to Mr. Paolo Ardoino, Tether CEO, it is proof that Tether is committed to protecting user data and assets.
The company commits to annual SOC 2 audits to ensure its security practices remain in line with standards. It also aims to achieve SOC 2 Type II certification by the end of 2025, which evaluates the effectiveness of Tether's internal controls over a 12-month period.
According to CoinMarketCap data, Tether is the largest stablecoin with a market capitalization of over $104 billion. The coin hit a record market capitalization of $100 billion on March 4, posting 9% year-to-date growth. That makes Tether the third largest cryptocurrency by market capitalization after Ether and Bitcoin.
Besides, the company also plans to spend $500 million to build Bitcoin mining facilities in Uruguay, Paraguay and El Salvador. In an interview on November 16, 2023, Mr. Ardoino said Tether aims to reach 1% of the total Bitcoin mining capacity across the network in 2024.
Tether is also planning to expand its direct Bitcoin mining operations to 450 MW by the end of 2025.