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Tether SOC 2 Type 1 Audit: Key Implications

Tether SOC 2 Type 1 Audit: Key Implications

Tether recently completed a significant audit.

The stablecoin issuer now holds a Type 1 audit certification for System Organization Control (SOC) 2.

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This preserves its prospects in the sector.

Tether Holdings Inc., the company that issues stablecoins, begins the second quarter of 2024 with great success after finishing its System Organization Control (SOC) 2 Type 1 audit.

What Signifies The Tether Audit?

Tether, a cryptocurrency-based corporation, disclosed the critical security update in a report that was released. This is the start of a significant milestone for the company. With this accomplishment, the USDT issuer is now in the early stages of rising to the top of the list of companies with the greatest possible level of security.

Putting things in perspective, the SOC 2 Type 1 audit examination widely accepts security compliance standards, assessing the design of systems, tools, and tactics for protecting data and client accounts among other internal controls. The American Institute of Certified Public Accountants (AICPA) created it in 2010.

Tether asserts that undergoing and passing this audit establishes the business as a top service provider and industry leader dedicated to providing its customers with safe experiences. Given the rigorousness of the procedure, the cryptocurrency company can brag like this. Security, Availability, Processing Integrity, Privacy, and Confidentiality are the five main factors that drive the SOC 2 Type 1 audit.

In its efforts to safeguard systems and user privacy, Tether specifically demonstrated strong IT security measures. These measures included firewall installation, intrusion detection, and improved authentication methods. Additionally, Tether sought to assure auditors of its commitment to robust cybersecurity protocols. Through these efforts, Tether aimed to enhance trust and confidence among its users. In the process, other measures, such as problem resolution speed and network dependability, were also estimated equally.

Paolo Ardoino, Tether’s CEO, acknowledged that the audit focused on users.

“He stated that this compliance measure reassures our customers, indicating our commitment to managing their assets securely. Furthermore, it underscores our adherence to the highest standards for information security and data protection. This independent verification of security measures is essential for Tether. It proves our dedication to being the most reliable and compliant stablecoin globally.”

Additional Tether Ecosystem Updates

Tether has been making a lot of platform enhancements, such as growing its service offerings to meet the demands of the market. 

The company announced the introduction of “Tether Data,” its entry into the artificial intelligence (AI) space, just before Q1 concluded. The goal of this new AI division is to develop cutting-edge, multimodal, open-source AI models.

Additionally, Tether increased the use of USDT on the Celo blockchain to enable quick, low-cost transactions, improving the feasibility of microtransactions and the variety of stablecoins. 

Tether’s market capitalization has grown to over $100 billion since the beginning of the year, cementing its standing as the largest stablecoin in the market.

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