The largest company in the cryptocurrency space, Tether has declared that it has successfully finished an audit of System and Organization Controls 2, or SOC 2, the highest standard of security compliance that an organization can exhibit.
The American Institute of Certified Public Accountants (AICPA) set the gold standard for security compliance, the SOC 2 Type 1 audit test, which confirms Tether’s position as a pioneer in the market dedicated to providing a secure experience.
Tether’s CEO, Paolo Ardoino, stated in an announcement on April 1 that the audit demonstrated the company’s dedication to providing a safe user experience.
The SOC 2 Type 1 Report’s foundation is Security, Availability, Processing Integrity, and Confidentiality. It guarantees that Tether had strong IT control mechanisms in place to guarantee that their systems were secure, accessible when needed, and maintained the privacy of data.
It looks at network dependability, problem-solving speed, and security measures including firewalls, intrusion detection, and improved customer authentication.
He said, “This compliance measure assures our customers that their assets and data are managed in an environment meeting the highest data protection and information security standards. This independent validation of security controls is vital for Tether, demonstrating our commitment to being the world’s most trusted and compliant stablecoin.”
Tether prioritizes innovative security measures, emphasizing transparency and accountability to its stablecoin users. Completing the SOC 2 Type 1 audit reflects its dedication to robust security and regulatory compliance, building trust within the community.
Tether has committed to going through yearly SOC 2 audits to ensure its security procedures continue to meet the standards.
According to CoinMarketCap data, Tether is the stablecoin with the greatest market capitalization, now valued at nearly $104 billion. On March 4, Tether’s USDT set a record with a $100 billion market valuation, up 9% year to date.
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