Compass Investments

Crypto vs. Dollar

📌 Tether completes gold standard security audit

Tether announced that it has successfully passed the System and Organization Controls 2 (SOC) audit, the highest level of security compliance an organization can demonstrate. The audit was developed by the American Institute of Certified Public Accountants (AICPA). Tether

– Tether announced that it has successfully passed the System and Organization Controls 2 (SOC) audit, the highest level of security compliance an organization can demonstrate. The audit was developed by the American Institute of Certified Public Accountants (AICPA).

In a statement on April 1, Paolo Ardoyno, CEO of Tether, said.

This compliance measure ensures that customer assets and data are managed in an environment that meets the highest standards of data protection and information security. This independent verification of security controls is very important to Tether and demonstrates our commitment to being the most secure and compliant quota coin in the world.”

Tether has committed to undergoing an annual SOC 2 audit to ensure that its security controls are up to standard.

The company aims to receive SOC 2 Type II certification by the end of 2025, which will evaluate the effectiveness of Tether’s internal controls over a 12-month period.

According to CoinMarketCap, Tether issues the largest stub-fund coin, Tether (USDT), with a market capitalization of more than $104 billion.

USDT hit the $100 billion mark on March 4, and its market capitalization is up 9% since the beginning of the year.

This makes Tether the third largest cryptocurrency by market capitalization after Ether (ETH) and Bitcoin (BTC). Its closest competitor, Circle’s USD Coin (USDC), is the seventh largest cryptocurrency with a market capitalization of $32.5 billion.

Tether is also expanding into new platforms beyond stablecoins. The company plans to invest about $500 million to build bitcoin mining operations in Uruguay, Paraguay and El Salvador.

In an interview with Bloomberg on November 16, 2023, Tether’s Ardoyno said that the company intends to increase its processing power to 1% of the total bitcoin mining network.

The new sites will have between 40 and 70 megawatts (MW) of capacity and include a $610 million credit line to German miner Northern Data Group.

Tether also intends to increase its direct mining capacity to 450 MW by the end of 2025. The company is also considering building a 300 MW facility and will house the capacity in containers that can be moved when power prices fluctuate, Ardoino said in an interview:

“For us, mining is something we are learning and evolving over time. For us, mining is something we learn and evolve over time.”

Bitcoin

Bitcoin

$64,766.59

BTC 1.14%

Ethereum

Ethereum

$3,154.39

ETH 2.72%

Binance Coin

Binance Coin

$571.00

BNB 2.53%

XRP

XRP

$0.53

XRP 4.44%

Dogecoin

Dogecoin

$0.16

DOGE 4.94%

Cardano

Cardano

$0.51

ADA 7.19%

Solana

Solana

$150.62

SOL 4.79%