Tether, the issuer of the USDT stablecoin, announced the successful completion of a System and Organization Controls 2 (SOC 2) Type I audit.
Tether Announces Completion of System Organization Control (SOC) 2 Type 1 Audithttps://t.co/jIbrdx30wh
— Tether (@Tether_to) April 1, 2024
SOC 2 is an independent audit, control, and reporting system developed by the AICPA. It evaluates control procedures for managing cybersecurity risks, with particular emphasis on data privacy and confidentiality.
“This compliance measure assures our clients that their assets and data are managed in an environment that meets the highest standards of data protection and information security,” stated Tether CEO Paolo Ardoino.
The company emphasized that it is gradually updating its security strategy, “focusing on innovative technologies, transparency, and accountability to stablecoin users.”
Tether has committed to annual SOC 2 audits. In 2024-2025, the USDT issuer plans to obtain SOC 2 Type II certification, which assesses the effectiveness of internal controls over a 12-month period.
Earlier in January, experts from the UN Office on Drugs and Crime noted the growing popularity of USDT as a tool for money laundering.
Responses to the organization were published by both the Tron team led by Sun and the stablecoin issuer.