Tether, the entity behind the USDT stablecoin, plans to double down on its focus on artificial intelligence (AI) and position itself as a leader of innovation in the space.
Tether also plans to hire talent aligning with its plans and vision for the AI space.
Tether To Expand AI Focus
According to an official press release, Tether has said the move highlights its commitment to advancing AI efficiency and accessibility in the technology sector. The company’s latest move will focus on key areas such as developing open-source, multimodal AI products that will help set new industry standards. Tether also plans to collaborate with other entities, integrate AI solutions into market-driven products, and help solve real-world issues. The company stated in its announcement,
“Tether Operations Limited (Tether), the largest company in the cryptocurrency industry, announced a strategic expansion of its AI focus, positioning itself at the forefront of innovation. This significant move underscores Tether’s dedication to advancing AI accessibility and efficiency, further solidifying its role as a pioneer in shaping the future of technology.”
Tether also plans to participate in AI-community contributions geared toward advancing the field of Open AI. Open AI is centered on the free use and distribution of AI models. The company believes that fostering greater transparency and privacy in AI model development would help address growing concerns about the monopolization of AI technologies. Speaking about the developments, Tether CEO Paolo Ardoino stated,
“Artificial intelligence stands poised to revolutionize nearly every facet of our lives, both in the real and digital worlds. Our investment in Northern Data Group, known for resilient and high-performance technologies, aligns perfectly with our vision. Today’s announcement establishes a new division within Tether, redefining AI boundaries and democratizing privacy-preserving open AI technology while setting industry benchmarks for innovation, utility, and transparency.”
Expanding Into Other Sectors
Tether has expanded into several other sectors over time. These include peer-to-peer telecommunications, renewable energy, and Bitcoin mining. The company invested over $1 billion in El Salvador’s renewable energy project, Volcano Energy, in 2023. The Volcano Energy project aims to harness wind and solar energy to power Bitcoin mining operations. Ardoino had stated at the time,
“We are committed to being part of the Bitcoin mining ecosystem. When it comes to the expansions, building new substations and new sites, we are taking them extremely seriously.”
Tether has also invested in Georgia-based payments processor CityPay.io. Tether’s foray into the AI ecosystem began in September 2023 when the company’s subsidiary, Damoon Designated Activity, jointly owned by Bitcoin miner and data cloud provider Northern Data Group, purchased $427 million worth of Nvidia graphic processing units for generative AI cloud computing. Tether and Northern Data Group planned to deploy the chips via the latter’s cloud service, Taiga Cloud. Meanwhile, USDT’s market cap crossed the $100 billion mark earlier this month.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
