tl;dr
Tether CEO Paolo Ardoino recently unveiled Tether's AI applications, including an AI translator, voice assistant, and AI-powered Bitcoin wallet assistant. The company is also preparing to launch an open-source AI SDK platform. Despite this, Tether's primary revenue driver remains its USDT stablecoin...
Tether CEO Paolo Ardoino unveiled Tether's AI applications, including an AI translator, voice assistant, and AI-powered Bitcoin wallet assistant. The company is also preparing to launch an open-source AI SDK platform. Despite this, Tether's primary revenue driver remains its USDT stablecoin, with significant profits and assets.
This AI initiative comes amid a downturn in the AI crypto sector, with the market experiencing a 9.1% dip in the last 24 hours. Tether CEO Paolo Ardoino showcased three AI applications currently in development through Tether Data. These applications include an AI translator, an AI voice assistant, and an AI-powered Bitcoin wallet assistant. The AI translator enables users to translate text into multiple languages, while the AI voice assistant allows users to send voice messages and receive responses to questions. Additionally, the AI-powered Bitcoin wallet assistant aids in digital asset management and execution of Bitcoin transfers.
Tether is set to launch its open-source AI SDK platform, built on Bare, Holepunch’s JavaScript runtime, and designed to support various types of hardware. Despite this AI initiative, Tether's primary revenue driver remains its USDT stablecoin, recording $13 billion in net yearly profits and holding $113 billion in US treasury assets. USDT continues to dominate the stablecoin market and is the fourth-largest cryptocurrency overall, with a market capitalization of $140.5 billion.
The AI crypto sector has experienced a 9.1% downturn in the last 24 hours, with the overall market cap at $29 billion. AI agent-related tokens have been particularly affected, with a 9.8% drop. Tether's expansion into AI comes at a time when the AI crypto sector is facing challenges.