Tether, the company behind the $140 billion stablecoin USDT, is set to venture into artificial intelligence by early 2025. In a recent announcement, Tether’s CEO revealed plans to launch an AI platform in the first quarter of next year, marking a strategic shift to diversify its business beyond U.S. dollar-pegged stablecoins.
This initiative comes as Tether aims to expand its scope into sectors such as Bitcoin mining, energy, and AI, highlighting a bold new direction. Tether’s primary revenue source, USDT, has been crucial since its inception, but the company is now looking to capitalize on emerging technology.
Earlier this year, Tether made headlines with its investment in Northern Data, a cloud computing and AI startup. The partnership comes as Northern Data seeks to transition towards artificial intelligence while prioritizing its focus over crypto mining. Additionally, Tether has undertaken an internal reorganization to explore opportunities in commodities trade financing and energy.
Tether has reported record profits in 2023, generating an impressive $5.2 billion in profits in the first half of the year, with $4.5 billion earned in Q1 alone. As the company solidifies its position in Europe, it has been actively engaging with the new digital asset regulatory framework. Tether has backed initiatives to expand MiCA-compliant stablecoin offerings, particularly in light of regulatory changes affecting its operations.
Stay tuned for more updates on Tether’s exciting new developments as it pushes the boundaries of innovation in the financial technology space.
