Paolo Ardoino, CEO of the largest stablecoin issuer by market share revealed plans by the firm to pivot fully into Artificial intelligence.
The Stablecoin issuing company has ramped up its diversification efforts looking to go into completely different fields like Energy, Media and Communications, Commodities trading, and Artificial intelligence.
Mr Ardoino shared the development via his X handle, highlighting details of the plan and the areas of Artificial Intelligence the firm was looking to get into.
The firm is looking to launch its own AI Applications, which include AI translation, AI voice assistant, and AI Bitcoin wallet assistant.
Tether’s Impressive Growth over the Years
Tether (USDT) has grown over the years since its launch in 2014 to become the largest stablecoin issuer by market share and trading volume in the industry. The crypto asset is the third largest crypto asset by market capitalization only surpassed by Bitcoin and Ethereum.
Tether has a strong foothold in all the major global markets with a bulk of its trading volume coming from Asia and other key parts of the global market.
Chainalysis revealed last year that Tether (USDT) is heavily used in Africa as a hedge against inflation. In the West African country of Nigeria, USDT is used primarily as a hedge against the failing local currency. The stablecoin is also the choice means of exchange for freelancers and remote workers working in Foreign firms.
Tether has come under scrutiny for not opening its books and publishing its yearly revenue.
2024, Tether, the issuer of the USDT stablecoin, reported a net profit of $13 billion.
This substantial profit was influenced by the appreciation of assets such as Bitcoin and gold.
Additionally, Tether’s holdings of U.S. Treasury bonds reached approximately $113 billion, reflecting the growing popularity of USDT and the company’s strategy of backing its stablecoin with liquid, dollar-denominated assets.
These financial milestones underscore Tether’s significant role in the cryptocurrency market and its robust financial performance in 2024.
