Tether, a prominent player in the stablecoin industry, recently passed the System and Organization Controls 2 (SOC) audit. This audit is critical for confirming Tether's unwavering commitment to security and data protection.
With a current market capitalization of more than $104B, Tether's appeal is obvious. The organization intends to maintain its secure reputation by conducting annual SOC 2 audits. It also plans to achieve SOC 2 Type II accreditation by the end of 2025 to boost its credibility.
Tether, on the other hand, is not just concerned with security. The company is expanding into bitcoin mining. The operational costs are around $500M. The intended destinations are Uruguay, Paraguay, and El Salvador.
Back in November, Tether CEO Paolo Ardoino detailed in an interview with Bloomberg their plan. The goal is to represent 1% of the global Bitcoin mining network. The company intends to reach 450 MW in direct mining activities by 2025, with locations holding 40 to 70 megawatts.
As electricity rates fluctuate, Tether is prepared to relocate its portable container facilities. They are ensuring that they can study and flourish.
