Tether Announces Completion of ‘Gold Standard’ Security Audit in Push for Regulatory Compliance
The firm behind the leading USD-pegged stablecoin is releasing the results of a recent security audit.
According to a new blog post from Tether, the firm behind USDT, is taking steps toward “achieving the highest level of security compliance an organization can demonstrate.”
“Tether, the largest company in the cryptocurrency industry, announced a significant security update today. The company underwent the System Organization Control (SOC) 2 Audit Type 1, marking the initial phase of achieving the highest level of security compliance an organization can demonstrate.”
According to the press release, the American Institute of Certified Public Accountants (AICPA) developed the SOC 2 Type 1 audit as the “gold standard” in compliance.
Tether lists the test’s five key criteria that the firm followed during the audit.
“SOC 2’s criteria are based on five key ‘trust service principles’:
Security: Implemented measures such as firewalls, intrusion detection, and enhanced authentication protocols to safeguard customer data.
Availability: Focuses on maintaining a reliable and active network, while also addressing efficiency in problem resolution.
Processing Integrity: Focuses on whether systems achieve their purpose, delivering accurate data at the right price and at the right time.
Confidentiality: Restricts data access and disclosure to authorized individuals or organizations, with a strong emphasis on encrypting data during transmission.
Privacy: Ensures responsible collection, use, retention, and disclosure of personal information.”
Says Tether CEO Paolo Ardoino,
“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.”
Tether aims to achieve the SOC 2 Type 2 Certificate by the end of next year.
Last month, the firm assisted top US government officials seize millions in USDT from an unhosted crypto wallet believed to be linked to a scam network.
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Author: Daily Hodl Staff
