7 months ago
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Tether passes security compliance milestone with SOC 2 audit
Tether announced today the completion of the System Organization Control (SOC) 2 Type 1 security compliance audit. According to a blog post made by the company, the SOC 2 Type 1 “is a gold standard in security compliance developed by the American Institute of Certified Public Accountants (AICPA).”
“This independent validation of security controls is vital for Tether, demonstrating our commitment to being the world’s most trusted and compliant stablecoin,” said Tether CEO Paolo Ardoino.
SOC 2 examines criteria based on five key principles: security, availability, processing integrity, confidentiality, and privacy. The Type 1 report focuses specifically on Tether’s security, availability, processing integrity, and confidentiality.
Measures reviewed include firewalls, intrusion detection protocols, enhanced authentication for customers, and network reliability. Tether will undergo annual SOC 2 audits going forward.
The news comes less than 24 hours after Tether added 8888.88 Bitcoins (BTC) to its holdings, on-chain data shows. According to on-chain data aggregator Arkham Intelligence, Tether holds over 75,000 BTC in its wallet starting with bc1qj, which surpasses $5 billion.
Moreover, Tether’s Bitcoin address shows that the company has been accumulating the largest crypto by market cap since Sep. 30, 2022, when 5,000 BTC were transferred to the address.
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