Tether, the company behind the world’s largest stablecoin, is expanding its operations to include artificial intelligence (AI), specifically in the film industry.
According to an email from Paolo Ardoino, Tether's chief executive officer, the company's interest in AI stems from its potential to enhance efficiency and innovation in various fields, including filmmaking. He highlighted AI as a key focus area for the firm, necessitating adjustments to fit into the rapidly evolving world of AI, which includes the roles Tether is looking to hire.
Tether is ramping up its hiring efforts to build its AI platform for the film industry. The company, known for its lean staffing approach, has brought on 30 experts in recent months to spearhead this project.
As per the email, Tether is advertising for filmmakers from Europe, Asia-Pacific, Argentina, Colombia, and Brazil, aiming to increase its employee headcount to 200 by mid-2025.
This move follows Tether's acquisition of a stake in Northern Data, an AI and cloud computing company. While details about Tether's upcoming AI platform remain limited, the company's efforts to establish the platform showcase the growing convergence between crypto and AI.
Tether boasts a significant presence in the cryptocurrency ecosystem with its stablecoin. Crypto traders widely use the company's token, USDT, to transact digital assets and navigate the sector's volatility. It commands a 67% share of the total stablecoin market, with $138 billion USDT in circulation.
Tether ranks among the top performers in the cryptocurrency industry, generating billions of dollars in profits. Towards the end of last year, the company's CEO stated that the firm was on track to earn more than $10 billion in profits. However, these claims are difficult to assess as the company does not release audited financial results.
Despite its successful operations and the respect it garners within the crypto sphere, Tether has encountered several challenges. The company's token, USDT, has been linked to illicit activities, involving Irish gangsters, Russian arms dealers, Hamas, and North Korean hackers, among others. However, the team has expressed willingness to cooperate with authorities in freezing tokens used for illegal purposes.
The company has also faced investigations in Europe, where several crypto exchanges have suspended trading of USDT due to regulatory frameworks established by the European Union.
