Renowned stablecoin issuer, Tether, has recently unveiled its latest venture: the establishment of a dedicated AI division within the company.
This announcement, made on Tuesday morning, signifies Tether’s strategic move to harness the power of artificial intelligence in its operations.
Named the”Tether data,” the newly formed division aims to recruit top-tier talent, including an AI engineer and a head of AI research and development, as indicated on Tether’s job recruiting website.
The division’s mission, as outlined in the job postings, is ambitious yet clear: to pioneer the next generation of open AI models, fostering innovation in AI through an ethos of accessibility, transparency, and privacy preservation.
Tether’s foray into the realm of AI comes amidst a booming market for AI talent, with tech giants vying to capitalize on the AI frenzy. Meta, in response to heightened competition, has reportedly adopted unconventional hiring practices, including extending job offers sans interviews and dispatching personalized recruiting emails attributed to CEO Mark Zuckerberg, as per reports from The Information.
This strategic expansion marks the latest addition to Tether’s diverse portfolio of business verticals, which already encompasses energy and education divisions. Despite its multifaceted ventures, Tether’s core business of stablecoin issuance remains its flagship endeavor, having witnessed remarkable growth in recent months.
Tether’s USDT stablecoin presently commands approximately 70% of the total stablecoin market, a dominance that has endured since November, according to DeFiLlama data. Bosted by interest earnings on its reserves, Tether reported a substantial net profit of $2.85 billion during the final quarter of last year.
In a blog post heralding the launch of Tether data, CEO Paolo Ardoino underscored the company’s strategic investment in Northern Data Group as a pivotal component of its AI vision. Notably, Tether injected 575 million euros (equivalent to roughly $623 million) into Northern Data Group through debt financing in November, according to Blockworks. It is worth noting that Northern Data Group houses a fleet of cutting-edge data centers equipped with high-performance hardware such as GPUs, which serve as critical infrastructure for AI development. This investment exemplifies Tether’s selective yet strategic approach to capital deployment.
In addition to spearheading the development of AI models, Tether’s AI unit is poised to collaborate with external partners to integrate AI solutions into market-driven products and propel advancements in the field of open AI, as elucidated in the company’s blog post.
The convergence of AI and crypto has spurred a wave of innovation, giving rise to a multitude of startups and attracting substantial investor interest. Areas such as content verification and enabling AI model inferences to interact with smart contracts have emerged as focal points of exploration, underscoring the vast potential for synergy between AI and the crypto ecosystem. What is next to come?
