Tether CEO: No Blockchain, Record Profits, AI Expansion

Tether, the world's largest stablecoin issuer, has no plans to launch its own blockchain network, according to the firm's chief executive, Paolo Ardoino. In a recent interview, Ardoino stated that Tether's focus remains on its stablecoin, USDT, and its role as a bridge between traditional finance and the crypto world.

Tether's commitment to USDT is evident in its recent achievements. In 2024, the company reported record-breaking profits of $13 billion, with its US Treasury portfolio now worth approximately $113 billion. Additionally, Tether's stablecoin, USDT, has reached an all-time high market capitalization of $141 billion, following the issuance of another billion dollars worth on Feb. 5.

While Tether has no plans to launch its own blockchain, it has been actively exploring other areas of technology. In 2023, the firm acquired a stake in European crypto miner Northern Data Group, which specializes in cloud computing and generative AI. This acquisition marked Tether's entry into the AI space, with the company aiming to push the boundaries of AI technology and set new industry standards for innovation and utility.

Tether's AI division, Tether Data, is developing a number of AI applications, such as AI Translate, AI Voice Assistant, and AI Bitcoin Wallet Assistant. These apps focus on working locally on any device, ensuring full privacy and self-custodial for both data and money. The company is also set to launch its own AI SDK platform, open-source and built upon Bare, working on every hardware from embedded devices to powerful servers.

Tether's AI ambitions were further solidified in March 2024 with a global recruitment drive for top-tier talent. The company aims to continue its growth and innovation in the AI space, while maintaining its commitment to USDT and its role as a bridge between traditional finance and the crypto world.