Bitcoin

April

Tether has announced the successful completion of a System and Organization Controls 2 (SOC) audit —&nbsp;the highest level of security compliance that an organization can demonstrate.&nbsp;The audit was developed by the American Institute of Certified Accountants (AICPA).
The audit underscored Tether’s commitment to offering a secure user experience, according to Paolo Ardoino, the CEO of Tether, who wrote in an April 1 <a href="https://tether.to/en/tether-announces-completion-of-system-organization-control-soc-2-type-1-audit/" target="_blank" rel="noopener nofollow">announcement</a>:
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
Tether has committed to undergoing annual SOC 2 audits to ensure its security practices remain consistent with the standards. 
The firm aims to achieve the SOC 2 Type II certification by the end of 2025, which assesses the effectiveness of Tether’s internal controls over a period of 12 months.
Related: <a href="https://cointelegraph.com/news/tether-boosts-bitcoin-reserves">Tether boosts Bitcoin reserves with latest acquisition</a>
Tether issues the largest stablecoin, Tether (<a href="https://cointelegraph.com/tether-price-index">USDT</a>), which has a current market capitalization of over $104 billion, <a href="https://coinmarketcap.com/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data. 
Tether’s <a href="https://cointelegraph.com/news/stablecoin-tether-usdt-100-billion-market-cap">USDT reached a record $100 billion</a> market cap on March 4, posting 9% year-to-date growth.
This makes Tether the third-largest cryptocurrency by market capitalization behind Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) and Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>). Its closest competitor, Circle’s USD Coin (<a href="https://cointelegraph.com/usdc-price-index">USDC</a>), is the seventh-largest crypto, with a $32.5 billion market cap.
Related: <a href="https://cointelegraph.com/news/tether-recovery-migrate-usdt-blockchains">Tether launches recovery tool to migrate USDT between blockchains</a>
<h2 data-ct-non-breakable="true" id="tether-aims-to-overtake-1-of-btc-mining-in-2024">Tether aims to overtake 1% of BTC mining in 2024</h2>
Tether is also expanding into new venues beyond stablecoins. The firm is planning to spend around $500 million on the construction of Bitcoin mining facilities in Uruguay, Paraguay and El Salvador. 
The firm aims to grow its computing power to <a href="https://cointelegraph.com/news/tether-plans-major-expansion-btc-bitcoin-cryptocurrency-mining-500-m-investment-report">1% of the Bitcoin mining</a> network, Tether’s Ardoino told Bloomberg in an interview on Nov. 16, 2023.
The new sites would have a capacity of between 40 and 70 megawatts (MW) and include the $610 million debt financing facility extended to German miner Northern Data Group.
Tether also aims to amp up its direct mining operations to 450 MW by the end of 2025. The firm is also considering a 300 MW facility and is setting up its facilities inside containers that can be moved when electricity prices change, Ardoino said in the interview: 
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/tether-expands-artificial-intelligence-ai-operations-global-recruitment-drive-top-tier-talent">Tether expands AI operations with global recruitment drive for top-tier talent</a>

Tether completes ‘gold standard’ security audit

Table of Contents

Cointelegraph

Other articles published on Apr 1, 2024

Race to $1: can Dogecoin reach the magic mark before rival?

Gain Big Before the Market Catches On: Altcoins to Watch

Dogecoin Keeps Rising as Analyst Targets $0.3 with Dogecoin20 Also Bullish

Revolutionizing Social Engagement: A New Era for Gamers and GameFi.

$JYDS Coin Announces Presale and Tokenomics Model (1 Apr)

Altcoin Season: When it Starts? Which Crypto to Buy?

Join our free newsletter for daily crypto updates!