Tether, the firm behind the world’s most dominant stablecoin, is steadily expanding its operation to incorporate artificial intelligence (AI), with a unique interest in filmmaking. The company has recently ventured into commodity lending and made a $775 million investment in the online video platform Rumble.
In an email , Paolo Ardoino, the chief executive officer, confirmed the move. He said:
“AI-based roles, particularly in filmmaking, bring unique advantages that align with Tether’s vision of innovation and efficiency, from scale to speed and cost being a few examples.”
– Paolo Ardoino
The CEO added that artificial intelligence is a significant focus area for the firm, and it must adjust to fit into the fast-paced world of AI. The adjustments must include the roles it seeks to hire.
Tether acquires more experts to design and build an AI platform
The firm is already taking steps to set up its filmmaking artificial intelligence platform. According to the email, the firm has always maintained lean staffing and added 30 experts in the past few months to ensure the project’s success.
The company has made online job postings targeting filmmakers from Europe, Asia-Pacific, Argentina, Colombia, and Brazil. It plans to double its staff headcount to 200 by mid-2025.
The unfolding builds up to Tether’s move to obtain part of an artificial intelligence and cloud computing firm, Northern Data. Although details of Tether’s upcoming AI platform are scarce, the firm’s determination to have the site up and running shows how the intersection between crypto and artificial intelligence is growing.
Tether has a promising profile in the cryptocurrency ecosystem
Tether is a leading firm in the world’s stablecoin market. Crypto traders rely on its token, the USDT, to facilitate digital assets transactions and leverage from the sector’s volatility. It accounts for 67% of the total stablecoin market, with $138 billion USDT in circulation.
Tether is among the top-performing companies in the cryptocurrency industry, raising billions of dollars in profits. At the end of last year, the company CEO mentioned that the firm would likely make more than $10 billion in profits. However, it is difficult to ascertain these statements as the firm doesn’t release audited financial outcomes.
Despite its smooth operations and the respect Tether commands in the cryptosphere, the firm has had its share of problems. The firm’s token, USDT, has always been linked to criminal activities from the notorious Irish gangsters, Russian arms dealers, Hamas, and North Korean hackers. From its end, the team has been open to working with authorities to freeze tokens used for illegal activities.
The firm has also faced investigations in Europe, where its token is suspended in several crypto exchange platforms due to a regulation framework set by the European Union.
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