Key Points
- Tether is entering the field of artificial intelligence (AI) through the establishment of a new sector, Tether Data, which focuses on creating open-source AI models.
- Tether Data prioritizes innovation, accessibility, transparency, and privacy in its AI endeavors.
- Following a UN report associating Tether with money laundering, there has been a surge in searches related to Tether, potentially leading to caution among investors.
Tether is embarking on an AI venture with the introduction of Tether Data, a division dedicated to AI projects.
The primary objective of this division is to lead the way in developing open-source multimodal AI models and fostering collaborations to incorporate AI into various products.
Tether’s Global Recruitment Drive for Top AI Talent
Tether Data is initiating a worldwide recruitment campaign to attract top-tier talent to its AI division.
The job postings for Tether Data underscore the division’s aspirations to spearhead the advancement of cutting-edge open AI models.
This endeavor is part of Tether’s expanding portfolio, which encompasses sectors such as energy and education.
Strategic Investment in AI by the Stablecoin Leader
Tether’s core focus remains on issuing stablecoins, with its USDT stablecoin dominating approximately 70% of the total stablecoin market share.
The company has experienced substantial growth, recording a net profit of $2.85 billion in the final quarter of 2023, largely driven by interest earnings on its reserves.
CEO Paolo Ardoino has underscored Tether’s dedication to AI by investing in Northern Data Group, committing €575 million euros ($623 million) in debt financing.
By collaborating with Northern Data Group, renowned for its data center operations, Tether strategically positions itself in the AI development realm.
UN Report Raises Concerns about Tether’s Involvement in Money Laundering
A report from the United Nations Office on Drugs and Crime (UNODC) has brought increased scrutiny to Tether, highlighting its potential role in illicit activities like money laundering. Consequently, there has been a 310% surge in Google searches related to Tether in the past week alone.
The report’s revelations prompt a reevaluation of USDT’s reputation within the cryptocurrency community.
As a consequence, investors appear to be distancing themselves from Tether, showing a preference for cryptocurrencies like Bitcoin, Ethereum, and Cardano. Analysis of TikTok content from September 2023 indicates a decrease in mentions of Tether in investment advice, indicating a cooling interest among retail consumers in USDT.
