Tether, the issuer of the largest stablecoin Tether USD (USDT), has successfully completed the System Organization Control (SOC) 2 Audit, which is considered the highest level of security compliance. This audit, developed by the American Institute of Certified Accountants (AICPA), demonstrates Tether’s commitment to providing a secure user experience.
According to Paolo Ardoino, the CEO of Tether, the company is dedicated to conducting annual SOC 2 examinations to ensure that its security practices align with its standards. Tether aims to obtain the SOC 2 Type 2 Certificate by the end of 2025, which evaluates the effectiveness of the company’s internal control over a 12-month period.
As of now, Tether’s USDT 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. Tether’s closest competitor, Circle’s USDC, holds the seventh-largest market cap of $32.5 billion.
In addition to stablecoins, Tether is expanding its presence in new areas. The company plans to invest approximately $500 million in building mining facilities in Uruguay, Paraguay, and El Salvador. Tether aims to increase its computing power to represent 1% of the Bitcoin mining network. The new sites will have a capacity of 40 to 70 megawatts (MW) and will include a $610 million debt financing facility offered to German miner Northern Data Group.
Furthermore, Tether intends to enhance its direct mining operations to reach 450 MW by the end of 2025. The company is also exploring the possibility of establishing a 300 MW facility and is implementing its facilities within movable containers to adapt to changes in electricity prices, as revealed by Ardoino in an interview with Bloomberg.
To support its expansion plans, Tether is actively recruiting top-tier talent globally to strengthen its AI operations.