As a seasoned researcher with a knack for following trends in the fintech and blockchain industry, I find Tether’s move into artificial intelligence (AI) quite intriguing. Having closely observed the company’s meteoric rise since its inception, it’s fascinating to see how Paolo Ardoino is constantly pushing the boundaries, diversifying their business focus beyond stablecoins.
By early 2025, Tether, the firm responsible for the $140 billion stablecoin USDT, intends to venture into the realm of Artificial Intelligence.
According to a post made by Tether CEO Paolo Ardoino on social media platform X, the company behind USDT (Tether) aims to debut its Artificial Intelligence platform during the first quarter of the upcoming year. This step signifies an expansion in their business focus beyond traditional U.S. dollar-backed stablecoins.
I just received a preliminary design for Tether’s AI platform, which is scheduled to launch by the end of Q1 2025. (Goosebumps!)
— Paolo Ardoino 🤖🍐 (@paoloardoino) December 20, 2024
Since its beginning, USDT (Tether) has primarily driven Tether’s income. Yet, Ardoino envisions Tether expanding into various other fields such as Bitcoin mining, energy, and artificial intelligence.
In the year 2023, Tether disclosed its investment in Northern Data, a company specializing in cloud computing and artificial intelligence. Northern Data considered offloading its crypto mining division in October to focus more on artificial intelligence. Meanwhile, Tether initiated an internal restructuring, expanding into sectors like commodities trade financing, energy, and more.
In the first six months of this year, the company managing USDT saw unprecedented profit gains, totaling approximately $5.2 billion. To add to that, they declared an impressive $4.5 billion in earnings within the first quarter itself.
The company was also solidifying its foothold in Europe amid a new digital asset regulatory regime. Tether backed StabIR to expand MiCA-compliant stablecoin offering in the region. The news broke shortly after Coinbase delisted USDT and other MiCA-noncompliant tokens.
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2024-12-20 23:55