Tether, which created the $140 billion stablecoin USDT, intends to enter the artificial intelligence space by early 2025.
In an effort to broaden its business emphasis beyond U.S. dollar-pegged stablecoins, Tether CEO Paolo Ardoino announced on X that the company plans to deploy its AI platform in the first quarter of next year.
Since its founding, USDT has been Tether’s main source of income. Nevertheless, Ardoino’s plans for the business now encompass additional industries like AI, energy, and Bitcoin mining.
Tether revealed its investment in Northern Data, a cloud computing and artificial intelligence startup, in 2023. In October, Northern Data considered selling its cryptocurrency mining division to focus on AI.
Additionally, Tether reorganized internally, branching out into several industries, including energy and commodities trade finance. The operator of USDT, meanwhile, has made record earnings this year.
It earned $4.5 billion in revenues in Q1 alone and made $5.2 billion in profits in the first half of the year.
The corporation was strengthening its position in Europe amid a new legislative framework for digital assets. Tether supported StabIR.
The announcement was made soon after USDT and other tokens that did not comply with MiCA were delisted by Coinbase to increase the number of stablecoins in the area that are MiCA-compliant.
