Tether Ltd (the company that manufactures Tether, the world’s most popular stablecoin, denominated in USDT), has been able to report a very positive event in its history: after passing the SOC 2 audit, it is now certified. This audit which AICPA with a better understanding of information technology has developed represents the ultimate in compliance that an organization can achieve. The recent audit further solidified Tether’s absolute determination to continue with safeguarding the highest data privacy and information security norms as required by the law for all its users.
Tether’s audit enhancing election safety and integrity
However, in the digital asset security priority era, Tether can perform far better and complete SOC audits while most of the other cryptocurrency companies consider it as a long-term plan. Thus, it vouches for Tether’s determination to keep users’ assets and data safe. In his recent statement, Paolo Ardoino, Tether’s CEO, emphasized the essential role of this certification to affirm the assurance of customers on the information security and data protection compliance of their assets and data managed by Tether. This audit approval is highly competent to reassure users the trust that is placed in Tether as the most stable coin in the world.
Tether declared that performing SOC 2 Audits once a year will be one of its missions so it is always meeting the strict requirements that come from the AICPA. With the SOC 2 Type II certification in mind, the company is planning on targeting the end of the year 2025. This certification, which evaluates the SOC 2 internal controls over 12 months, will further validate the effectiveness of the measures launched by Tether.
Strategic plan for market leadership and product line expansion
Cryptocurrency Tether, precisely USDT, has experienced impressive growth and surpassed $100 billion in the market cap on March 4 consecutively and currently has a year-to-date increase which may be 9%. This is according to the accomplishment would put Tether on the third position by the market capitalization. It would only trail behind Bitcoin and Ether.
As contrast, the USDC issued by Circle holds the seventh spot at market cap of $32.5 billion which is however less than Tether’s. Tether’s audacious scheme involves taking control of 1% of the Bitcoin mining operations by 2024. It is a consummate exercise to show to the crypto world that Tether can not only diversify its sources but has also the potential to expand its influence too.
Venturing beyond stablecoins
While Tether’s development strategy is all about stablecoins, the firm is going to invest around five hundred million dollars in supporting the building of Bitcoin mining facilities in Uruguay, Paraguay, and Salvador. The initiative is purposed at motivating Tether to quickly expand its computing power to 1% of the Bitcoin mining network to show a more serious commitment to the coin mining industry. The planned sites with capacity ranging between 40 MW and 70 MW are part of a wider distraction to increase the DT’s direct mining operations to 450 MW by the end of 2025.
Ardoino’s mining strategy stands out for its slow-paced and learning-intensive nature. He stated, “Mining for us is a constant process of learning and growth by time we do not want to become the world’s biggest miner today.” Contrary to the “heavy aim,” this cautious stance reflects Tether’s determination to wander the new paths with the target to remain a reliable and stable coin
The three pictures are informing the reader about something that happened in the past, present, and future, from left to right. As Tether navigates custodial concerns of a cryptocurrency scene with established standards regarding security, trust, and innovation, its strengths lie in being well-positioned for further growth and broad-based impact in the cryptocurrency space.
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