The Crypto Roundup: 02 April 2024 | CryptoCompare.com

Leading stablecoin issuer Tether has quietly added nearly 8,889 Bitcoin to its reserves in the first quarter of 2024, boosting their total BTC reserves to approximately 75,354 coins, worth roughly $5.2 billion.

The new addition to the company’s reserves was spotted by on-chain analysis firms like Arkham Intelligence, which spotted the movement of 8,888.8888 BTC to a wallet associated with the leading stablecoin issuer late last month. This aligns with Tether’s previously stated intention to allocate a portion of its profits towards acquiring Bitcoin.

The newly acquired holdings could represent a potential unrealized gain of around $3 billion for the stablecoin issuer.

In a separate development, Tether announced the successful completion of a System and Organization Controls 2 (SOC 2) audit. The SOC 2 audit is a rigorous assessment of an organization’s security practices, and Tether has committed to undergoing these audits annually to ensure ongoing adherence to its security standards.

The company is aiming to achieve the SOC 2 Type II certification, which assesses the effectiveness of Tether’s internal controls, by the end of 2025.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://www.cryptocompare.com/email-updates/daily/2024/apr/02/