As a seasoned analyst with over two decades of experience in the tech and financial industries, I find Tether’s AI pivot both intriguing and strategically sound. The company’s dominance in the stablecoin market, coupled with its recent forays into various sectors, positions it well to capitalize on the growing appeal of Artificial Intelligence.
Paolo Ardoino, head of Tether Holdings Ltd (the company behind USDT), recently shared updates about their shift towards Artificial Intelligence (AI). On social media platform X, he announced that he’s received a draft for the Tether AI platform. Although details on its design are scarce, his post has generated significant curiosity in the crypto community.
Tether AI Platform – When Launch?
The company behind the stablecoin aims to be part of the expanding group transitioning into the artificial intelligence sector. Inspired by the significant achievements of companies such as OpenAI and Anthropic in the last year, there’s a growing trend towards investing in artificial intelligence.
Initially, Tether unveiled its Artificial Intelligence platform as early as July of this year. According to Coingape’s report at that time, the company aims to develop a Peer-to-Peer (P2P) AI Agents with various functionalities. Later in October, it was disclosed by Paolo Ardoino that the main focus of this AI Agent will be on ensuring privacy to reinforce its P2P structure.
Maintaining its position as the leading stablecoin in the market with over $140 billion of USDT in circulation, the company has persistently advanced its artificial intelligence product. In November, Tether unveiled WDK Toolkit, a platform that allows for the creation of self-custody wallets tailored for AI and robots.
Currently, it’s uncertain if the company plans to integrate the WDK Toolkit and their AI agents onto a single platform. Nevertheless, Ardoino has disclosed that the company aims to debut this platform by the last quarter of 2025.
Just got the draft of the site for Tether’s AI platform.
Coming soon, targeting end Q1 2025.(goosebumps)
— Paolo Ardoino (@paoloardoino) December 20, 2024
Diversifying With Deep Pocket
The issuer of stablecoins has been expanding its reach into various markets and sectors. Not only has it introduced a Dirham-backed stablecoin on the TON platform and other blockchains to further establish its control over stablecoins, but Tether has also made investments in companies and projects that are not related to cryptocurrency.
According to Coingape, Tether has entered the crude oil market by facilitating a $45 million trade in the Middle East, making it the first stablecoin company to do so in this manner.
As an analyst, I’m observing that the company is capitalizing on various diversification and expansion strategies, given its robust profitability. Notably, stablecoin issuers have reported a revenue of $2.5 billion in Q3, boosting the annual earnings to approximately $7.7 million by October 31. Furthermore, the USDT wallet count has surpassed 109 million, indicating an unprecedented rate of growth.
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2024-12-20 22:03