Key Takeaways
- Tether is venturing into AI with a new division, focused on developing open-source AI models.
- Tether data prioritizes innovation, accessibility, transparency, and privacy in its AI development.
- A UN report linking Tether to money laundering sparked a surge in searches and potentially led to investor wariness.
Tether is launching a new division called Tether Data, which is focused on artificial intelligence (AI) initiatives.
This division aims to pioneer the development of open-source, multimodal AI models. It will also lead collaborations to integrate AI into products.
Tether Expands with Global Hunt for Top AI Talent
Tether Data is also starting a global recruitment drive for top talent to join its AI division.
The job listings for Tether data highlight the division’s ambitions to lead in the development of next-generation open AI models.
This initiative is yet another part of Tether’s growing range of business sectors, which includes divisions dedicated to energy and education.
Stablecoin Giant Makes Big Bet on AI
Tether’s primary focus is on issuing stablecoins, with its USDT stablecoin commanding about 70% of the total stablecoin market.
The company has also reported significant growth, with a net profit of $2.85 billion in the last quarter of 2023, largely attributed to the interest earned on its reserves.
Tether CEO Paolo Ardoino has emphasized the company’s commitment to artificial intelligence through its investment in Northern Data Group, allocating €575 million euros ($623 million) in debt financing.
Its involvement with Northern Data Group, known for its data center operations, positions Tether strategically in the AI development sector.
UN Report Links Tether to Money Laundering, Searches Soar
A UNODC report has led to increased attention on Tether, highlighting its potential use in illicit activities, such as money laundering. Because of this, the number of Google searches for Tether has shot up, with a 310% increase in the past week alone.
The report’s findings suggest a reassessment of USDT’s standing in the crypto community.
As a result, investors seem to be distancing themselves from Tether, favoring the likes of Bitcoin, Ethereum, and Cardano. A study of TikTok content from September 2023 noted a decline in Tether’s mention in investment advice, suggesting retail consumers were also cooling off on USDT.
Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear.
Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3.
An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.
