Tether, the company behind USDT, the largest stablecoin by market capitalization, has announced plans to double down on its artificial intelligence (AI) focus and recruit relevant talent to that effect.
According to an official release, the stablecoin provider said the move highlights its dedication to advancing AI efficiency and accessibility in the technology sector.
Tether Strengthens AI Focus
Tether’s latest move will see the firm focus on key areas like the development of open-source, multimodal AI products to set new industry standards. The crypto firm will also collaborate with other entities to integrate AI solutions into market-driven products to solve real-world issues.
In addition, Tether will participate in AI community contributions geared toward advancing the field of open AI, which centers on the free use and distribution of AI models. The firm believes fostering transparency and privacy in AI model development would address the community’s growing concerns over the monopolization of AI technologies.
Commenting on the new development, Paolo Ardoino, CEO of Tether, said: “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.”
In line with expanding its AI focus, Tether is looking to hire individuals who would contribute to the project’s growth. Interested parties can explore career opportunities tied to the move here.
“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,” Ardoino added.
Tether’s Foray Into Other Sectors
Tether began its journey into the AI space in September 2023. The company’s subsidiary, Damoon Designated Activity, jointly owned by Bitcoin miner and data cloud provider Northern Data Group, purchased $427 million of Nvidia graphic processing units for generative AI cloud computing. The chips were to be deployed through Northern Data’s cloud service, Taiga Cloud.
Over time, Tether has ventured into other sectors like peer-to-peer telecommunications, renewable energy, and Bitcoin mining. In June 2023, the firm invested in El Salvador’s $1B renewable energy project, Volcano Energy. The initiative aims to harness wind and solar energy to power Bitcoin mining operations. The company also invested in Georgia-based payment processor CityPay.io.
Meanwhile, the market cap of USDT crossed the $100 billion mark earlier this month.
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