Tether, the USDT stablecoin issuer, announced on April 1 that it had completed the System and Organization Controls (SOC) 2 Type 1 Audit, the highest level of security compliance achievable. Tether stated that the audit’s completion demonstrates the robust information technology control measures it has in place, ensuring the safety of its systems.
Gold Standard in Security Compliance
Tether, the issuer of the USDT stablecoin, announced on April 1 that it had completed the System and Organization Controls (SOC) 2 Type 1 Audit. The completion of the audit, which is considered the initial phase in achieving the highest level of security compliance, solidifies its position in the industry, the stablecoin issuer said.
According to Tether’s statement, the completion of the audit demonstrates that it has robust information technology control measures in place, ensuring the safety of its systems. The successful completion of this audit phase indicates that the systems are accessible when needed.
The audit also evaluates Tether’s security measures, including firewalls, intrusion detection, and enhanced customer authentication. The SOC 2 Type 1 audit, developed by the American Institute of Certified Public Accountants (AICPA), is described in the statement as the gold standard in security compliance.
Paolo Ardoino, CEO of Tether, commented on the organization’s latest audit milestone, saying:
“This compliance measure assures our customers that their assets and data are managed in an environment meeting the highest standards for data protection and information security. This independent validation of security controls is vital for Tether, demonstrating our commitment to being the world’s most trusted and compliant stablecoin.”
Besides completing the SOC 2 Type 1 audit, which aligns with Tether’s commitment to transparency and building user trust, the stablecoin issuer said it aims to achieve the SOC 2 Type 2 certificate in 2024-25. This audit assesses the effectiveness of Tether’s internal controls over a 12-month period.
Source: Bitcoin
