Tether, the company behind the $140 billion stablecoin USDT, is planning to expand into artificial intelligence by early 2025.
Tether CEO Paolo Ardoino posted on X that the (USDT) issuer is targeting the first quarter of next year to launch its AI platform, marking a move to diversify its business focus beyond U.S. dollar-pegged stablecoins.
Just got the draft of the site for Tether's AI platform.Coming soon, targeting end Q1 2025.šŖ暤š¤ (goosebumps)
ā Paolo Ardoino š¤š (@paoloardoino) December 20, 2024
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USDT has been Tetherās primary revenue generator since its inception. However, Ardoinoās vision for the company now extends into other sectors like Bitcoin mining, energy, and AI.
In 2023, Tether announced its investment in Northern Data, a cloud computing and AI startup. Northern Data explored selling its crypto mining arm in October to prioritize artificial intelligence. Tether also underwent internal reorganization, venturing into commodities trade financing and energy among other sectors.
Meanwhile, USDTās operator has raked in record profits this year. It generated $5.2 billion in profits during the yearās first half, and reported $4.5 billion in earnings in Q1 alone.
The company was also solidifying its foothold in Europe amid a new digital asset regulatory regime. Tether backed StabIR to expand MiCA-compliant stablecoin offering in the region. The news broke shortly after Coinbase delisted USDT and other MiCA-noncompliant tokens.
Read more: Tether backs StablR to expand MiCA-compliant euro stablecoin offerings