According to Cointelegraph: Tether, the issuer of the most extensive stablecoin Tether USDT, has announced the successful completion of a System and Organization Controls 2 (SOC) audit. Conducted by the American Institute of Certified Public Accountants (AICPA), the SOC 2 audit represents the pinnacle of security compliance that an organization can achieve.
Paolo Ardoino, the CEO of Tether, emphasized in the announcement on April 1st that this independent validation is integral to Tether's commitment to being the most trusted and compliant stablecoin in the world. In addition to maintaining high standards in data protection and information security, Tether has committed to annual SOC 2 audits. By the end of 2025, the firm aims to attain SOC 2 Type II certification, which evaluates the effectiveness of Tether's internal controls over a 12-month period.
Currently, Tether USDT boasts a market capitalization of over $104 billion, making it the third-largest cryptocurrency on the market, according to CoinMarketCap data. On March 4, USDT achieved a record market cap of $100 billion. It is ahead of its closest competitor, Circle's USD Coin (market cap of $32.5 billion) and is topped only by Bitcoin and Ether in market value.
Expansion beyond the stablecoin market is also on the horizon for Tether. The company plans to invest roughly $500 million to construct Bitcoin mining facilities in Uruguay, Paraguay, and El Salvador, aiming to control 1% of the Bitcoin mining network. By the end of 2025, Tether intends to increase its direct mining operations to 450 MW. The facilities, housed in portable containers to aid relocation when electricity prices fluctuate, will aid Tether's learning progression in the mining environment.
