Tether, the issuer of the largest stablecoin Tether USD (USDT), has successfully completed the System Organization Control (SOC) 2 Audit, which is the highest level of security compliance an organization can achieve. This audit was developed by the American Institute of Certified Accountants (AICPA).
According to Paolo Ardoino, the CEO of Tether, this audit underscores the company’s commitment to providing a secure user experience. In an announcement made on April 1, Ardoino stated that Tether has committed to undergoing annual SOC 2 examinations to ensure that its security practices align with its standards.
Tether has set a goal to obtain the SOC 2 Type 2 Certificate by the end of 2025. This certificate evaluates the effectiveness of Tether’s internal control over a period of 12 months.
As per CoinMarketCap data, Tether’s USDT currently has a market capitalization of over $104 billion, making it the third-largest cryptocurrency by market capitalization, trailing behind Ether (ETH) and Bitcoin (BTC). On March 4, USDT reached a record market cap of $100 billion, showing a 9% year-to-date growth. Its main competitor, Circle’s USDC, holds the seventh-largest crypto position with a market cap of $32.5 billion.
Tether is expanding its operations beyond stablecoins and venturing into new avenues. The company plans to invest approximately $500 million in the construction of mining facilities in Uruguay, Paraguay, and El Salvador. Tether aims to increase its computing power to represent 1% of the Bitcoin mining network. In an interview with Bloomberg, Ardoino revealed that the new sites would have a capacity of 40 to 70 megawatts (MW) and would include a $610 million debt financing facility provided to German miner Northern Data Group.
Additionally, Tether plans to expand its direct mining operations to reach a capacity of 450 MW by the end of 2025. The company is also considering a 300 MW facility and is implementing a container-based setup that allows for mobility when electricity prices fluctuate, as stated by Ardoino in the interview.
In order to support its expansion plans, Tether is conducting a global recruitment drive to attract top-tier talent for its AI operations.