Tether claims AI will be a key strategy going forward
In addition to previous investment portfolios in Bitcoin mining, P2P trading infrastructure... Tether continues to expand into artificial intelligence (AI) with the Tether Data product.
In the latest announcement on the evening of March 26, 2024, stablecoin issuer USDT Tether announced the expansion of its strategy focusing on Artificial Intelligence (AI) with the aim of affirming its pioneering position in the new field. .
The new move underscores Tether's commitment to promoting the accessibility and effectiveness of AI, further cementing Tether's pioneering role in shaping the future of technology.
With a market capitalization exceeding 100 billion USD for its flagship stablecoin product USDT, and famous for its strategic investments in diverse fields such as Bitcoin mining, P2P trading infrastructure,... Tether continues to demonstrate is currently committed to innovation with an AI product called "Tether Data".
Accordingly, Tether Data's AI focus will focus on a number of key areas:
First - Tether Data plans to pioneer the development of open-source, multi-modal AI models to set new industry standards, promoting innovation and accessibility of AI technology.
Second - Tether Data will pioneer partnerships to seamlessly integrate AI solutions into a wide range of market-driven products, leveraging technology to solve real-world challenges.
Finally - Tether Data actively participates in the broader ecosystem through community contributions, aiming to advance the field of open AI while showcasing its innovative projects.
Tether Data also announced a major global recruitment drive to find talent willing to contribute to its rapidly growing AI department. Expansion into advanced technology areas marks an important milestone for the company.
Mr. Paolo Ardoino, CEO of Tether said:
"Artificial intelligence is expected to revolutionize almost every aspect of our lives, both in the real world and the digital world. Our investment in Northern Data Group, known for its high performance and resilience technologies, perfectly aligned with Tether's vision.
Today's announcement establishes a new division within Tether, redefining the boundaries of AI and democratizing privacy-preserving open AI technology while setting industry standards for innovation, utility and transparency."
Currently, Tether is accounting for more than 69% of the entire stablecoin market share, far ahead of USDC (20.5%), DAI (3.4%) and FDUSD (2.2%). Tether also has an extremely successful year in 2023 thanks to its strategy of investing a large amount of USDT-backed assets in US Treasury bonds, earning profits of up to 6.2 billion USD. The company then uses the profits to create surplus funds for USDT, as well as invest in Bitcoin, gold, and other initiatives.
All of Tether's US Treasury bonds are kept at Cantor Fitzgerald, an asset management company headquartered in New York (USA). Responding to the press in January 2024, Cantor Fitzgerald CEO Howard Lutnick stated that Tether has enough assets to guarantee the value of USDT, as well as expressed confidence in the operating model of this stablecoin company.
Therefore, the move of the largest stablecoin issuer in the crypto industry is expected to continue the growth of "artificial intelligence" coins, which are extremely attracting investors after the Nvidia GTC AI 2024 event. .
After the news, some AI Coins immediately had a positive reaction on the price line, typically Fetch.ai (FET) in the last 24 hours has increased by more than 11%.
Also according to the statement on March 12, Tether cooperated with the US Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) to seize 1.4 million USDT related to a fraud network.
This scam model mainly targets the elderly, easily influenced group, through sensitive pop-up advertising. They trick their prey by placing a warning that the device is being hacked, causing them to seek help from technical support.
When connecting to the provided phone number, the victim fell into the trap of the impersonation group. After that, they announced that the victim's bank account had also been attacked, luring the victim to exchange their money into USDT for safety and transfer it to their wallet. At this point, the scammers will immediately cut off contact with the victim.
Tether said it will refund the confiscated funds to the victims of the scam. Paolo Ardoino, Tether CEO, said:
"The seizure of 1.4 million USDT marks a significant milestone in our ongoing efforts to maintain integrity in this rapidly growing industry."
According to the US Attorney's Office, this is one of the first times the US has recovered USDT from a non-custodial currency wallet.
Last December, Tether pledged to cooperate with the FBI and the US Secret Service, combating financial crime and terrorist financing through cryptocurrency, while also imposing identity verification (KYC) measures. and anti-money laundering (AML). Since then, Tether has blocked many crypto wallets, including 161 wallets sanctioned by OFAC and a series of wallets holding 225 million USDT of many criminal rings.
In other developments, Tether is about to issue USDT, a stablecoin that has just reached $100 billion in supply for the first time, on the Celo blockchain.
