Leading stablecoin issuer Tether has announced the establishment of a new division focused on artificial intelligence (AI) initiatives
Leading stablecoin issuer Tether has announced the establishment of a new division focused on artificial intelligence (AI) initiatives. The division, named Tether data, is actively seeking to fill positions for an AI engineer and a head of AI research and development, as indicated on Tether's job recruiting website.
The job postings emphasize Tether data's objective to pioneer the next generation of open AI models while driving innovation in AI through an approach that is accessible, transparent, and privacy-preserving. This new AI division marks the latest addition to Tether's expanding portfolio of business verticals, which already includes energy and education divisions.
While Tether's primary business revolves around issuing stablecoins, its market dominance has continued to grow in recent months. Tether's USDT stablecoin currently holds approximately 70% of the total stablecoin market. The stablecoin issuer reported a net profit of $2.85 billion in the fourth quarter of last year, primarily driven by interest earned on its reserves.
Tether CEO Paolo Ardoino highlighted the company's investment in Northern Data Group as part of its AI vision. Tether injected 575 million euros (equivalent to approximately $623 million) into Northern Data Group through debt financing in November. Northern Data Group operates a fleet of data centers equipped with hardware, including GPUs, which can be utilized by firms for AI development.
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