USDT stablecoin issuer Tether hiring for AI division

Companies • March 26, 2024, 10:51AM EDT

Published 1 minute earlier on

Quick Take

USDT stablecoin issuer Tether set up an artificial intelligence division with plans to hire an AI-fcoused team.
In previous efforts to bolster its AI operations, Tether invested an undisclosed amount in Northern Data Group last year.

USDT +0.030% issuer Tether Operations Limited said it is trying to expand its AI capabilities by building up its AI division.

Tether announced Tuesday that it is looking to hire "top talent" in AI. The goal is "to pioneer the development of open-source, multimodal AI models to set new industry standards, driving innovation and accessibility within AI technology," the company's announcement said.

Thus far, only two jobs have been posted, one for a head of AI research and development and the other for an AI engineer.

In previous efforts to bolster its AI operations, Tether invested an undisclosed amount into the German data center operator Northern Data in September 2023. Two months later, Tether increased Northern Data's debt financing to $610 million, among other endeavors, The Block previously reported.

"Our investment in Northern Data Group, known for resilient and high-performance technologies, aligns perfectly with our vision," said Tether CEO Paolo Ardoino in the statement. "Today's announcement establishes a new division within Tether, redefining AI boundaries and democratizing privacy-preserving open AI technology while setting industry benchmarks for innovation, utility and transparency."

Tether's USDT has 70.5% of crypto's U.S. dollar-pegged stablecoin supply, according to The Block's data page.

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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.