Tether, the issuer of the USDT stablecoin, has been under enormous pressure for years. The company is being told from all corners that it is cheating with the numbers, that it does not have sufficient coverage for its stablecoins and that it is only a matter of time before Tether implodes.

Now Tether announces the successful completion of a System and Organization Controls 2 (SOC) audit, earning the world’s highest security certification.

The gold standard

In the statement on the completion of SOC, Tether writes that it is the “gold standard” of security for enterprises. “The SOC 2 Type 1 study is a gold standard in security developed by the American Institute of Certified Public Accountants (AICPA), and underscores Tether’s position as an industry leader committed to continuing to deliver a secure experience.” , Tether writes on the website.

What exactly are these measures? This includes firewalls, detection software and authentication protocols to guarantee the security of customers’ personal data.

But also the stability of the network and the efficient way in which problems are tackled. Also matters such as privacy, the security of access to certain data, integrity and much more.

Is Tether Stronger Than We Think?

That Tether is doing well is also evident from the enormous amount of bitcoin it now owns.

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Yesterday it was announced once again that Tether had purchased an additional 8,888 bitcoin for $629 million. In total, Tether now owns $5.2 billion worth of bitcoin. Buying bitcoin is part of the company’s strategy.

15 percent of the profit is reserved for direct investments in bitcoin. That makes Tether a very positive force for bitcoin at the moment.

The company has a portfolio of more than 100 billion dollars in assets, part of which is parked in US government bonds, on which they currently earn around 5 percent.

Source: https://bitcoinmagazine.nl/nieuws/tether-voltooit-gouden-standaard-onder-de-beveiligingscontroles



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