Stablecoin company and USDT issuer Tether is reportedly planning to venture into the artificial intelligence (AI) space.
Tether CEO Paolo Ardoino is unveiling Tether’s vision to launch a platform that will enable people to interact with artificial intelligence using their mobile phones, reports Bloomberg.
Tether plans to launch the AI platform in the first quarter of 2025 as the company rakes in net profits of more than $10 billion this year.
Ardoino says at least half of the profits will be allocated to AI and other investments next year.
“Next year we plan to deploy at least half of the profits in investment. Our investment is just at the beginning.”
Data from CoinMarketCap shows that USDT now has a market cap of about $140 billion, up by nearly $50 billion this year. Demand for the dollar-pegged asset surged as the crypto market rallied with Bitcoin (BTC) breaching the six-digit mark.
In a report published earlier this month, Tether says the number of wallets holding USDT rose by 71% in 2024.
The firm says that at the start of Q4 2024, there were 109 million on-chain wallets holding USDT– more than twice the number of wallets holding Bitcoin. USDT also remains the leading stablecoin in terms of adoption with four times more wallets than all other stablecoins combined.
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