For all we care, this is a security audit and can call it gold standard.
But what we wanted to see is the financial side, it should be audited as it has been suspected since 2018 that they are running on fractional reserves and that's whey majority thinks that they are scam.
and I think SOC 2 type 1 audit is very easy to pass and so this meant nothing, IMHO.
The SOC 2 type 1 and SOC 2 type 2 reports are still necessary for anyone who wants to verify confidentiality or privacy, so you can be confident that the company does not share data with third parties (except the government), but it does not measure companies’ financial reports, which is the basis of the problems facing USDT. As most reports say that USDT reserves are small compared to the tokens that are printed, which means that there is not enough monetary cover to maintain the stability of USDT tokens 1:1 USD.
and I think SOC 2 type 1 audit is very easy to pass and so this meant nothing, IMHO.
I understand that this is not the financial audit which experts are actually questioning but still this is a good step while demanding that a financial audit should be done so we can eventually trust everything Tether can be saying. I am giving USDT a little kudos with this news as it translates its commitment to transparency and building user trust into action.I believe it is better to never trust what they say even if they produce a somewhat believable proof of reserve. Just use their tokens if you need to but don't use them for long-term or sensitive transactions. Their reserve is always questionable. It would be better if we stopped relying on them to liquidate our crypto. This applies to other stablecoins too, even if they use algorithmic mechanisms to make sure their token is always stable at $1. If we do that we could avoid another accident like Luna in the near future.