Business News Report
April 01, 2024

Tether Completes SOC 2 Type I Audit, Ensures Stringent Security Measures

In Brief

Tether completed the SOC 2 Type I audit, ensuring adherence to AICPA security and data protection regulations.

Tether Completes SOC 2 Type I Audit, Ensures Stringent Security Measures

The organization issuing USD-pegged stablecoin USDT, Tether announced the completion of the Service and Organization Controls (SOC2 Type I) audit. The SOC 2 Type I certification verifies adherence to rigorous security and data protection regulations, aligning with the American Institute of Certified Public Accountants (AICPA) standards.

Tether operates as a blockchain-based platform to enable the digital utilization of fiat currencies. Tether’s USDT stablecoin offers traders seamless entry and exit points in cryptocurrency transactions, distinguishing it from non-pegged cryptocurrencies like Bitcoin, primarily used for speculative trading.

With a circulating supply of around $95 billion, USDT is the largest stablecoin in its category. Remarkably, Tether’s portion of the global stablecoin supply surged from 50% to 71% in 2023.

The SOC 2 Type I Report assesses security, availability, processing integrity, and confidentiality, affirming that the company has implemented IT control measures to ensure the safety of its systems, accessibility when necessary, and confidentiality of information.

The audit evaluates measures like firewalls, intrusion detection, advanced customer authentication, network reliability, and speed of issue resolution.

The company also announced its plans to undergo SOC 2 audits annually to maintain its operations and security protocols at the highest levels. In 2024 and 2025, Tether targets obtaining the SOC 2 Type II Certificate, which evaluates the same criteria, including privacy, by assessing Tether’s internal controls’ operational effectiveness over one year.

Tether Collaborates with DOJ in $1.4 Million Seizure from Scam Network Amid Efforts to Enhance Reliability

Tether has faced regulatory scrutiny in recent years concerning its management of assets and relationships with financial institutions. Despite encountering several allegations, the company has promptly addressed them and actively pursued collaboration with pertinent authorities.

Furthermore, the company remains committed to implementing security measures and cooperating with agencies to maintain the transparency and Reliability of its stablecoin. Recently, Tether voluntarily collaborated with the United States Federal Bureau of Investigation (FBI) and expanded its partnership to assist the United States Department of Justice (DOJ) in seizing approximately $1.4 million worth of USDT tokens from a tech support scam network.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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