Tether, the company behind the world’s largest stablecoin USDT, has announced a strategic expansion into artificial intelligence, as reported by the company on March 26. With a market cap of $104 billion, Tether aims to lead the development of open-source, multimodal AI models and integrate AI solutions into market-driven products.

The move comes amid growing concerns over the monopolization of AI technologies by the likes of Microsoft, Facebook, and Google. Tether data, a new subsidiary of Tether, is positioning itself as a champion of transparency and privacy in AI model development. The company plans to focus on three key areas: developing open-source AI models, collaborating on AI integration into products, and engaging with the broader ecosystem through community contributions.

Tether data’s expansion into AI marks a significant milestone for the company, with a history of strategic investments in sectors such as renewable peer-to-peer telecommunications, energy, and bitcoin mining.

“Artificial intelligence stands poised to revolutionize nearly every facet of our lives, both in the real and digital worlds,” said Paolo Ardoino, CEO of Tether, in the announcement.

“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.”

As part of its AI expansion, Tether data has launched a global recruitment drive to attract top talent to its growing AI division. The company invites talented individuals passionate about AI to explore career opportunities on its careers page.

The implications of Tether’s move into AI are significant for the crypto industry. As a leader in the space, Tether’s focus on open-source, transparent, and privacy-preserving AI models could set new standards for developing and deploying AI technologies. Moreover, integrating AI solutions into market-driven products could drive innovation and efficiency in the digital assets market.

The potential risks and challenges associated with AI, as it continues to advance rapidly, around bias, accountability, and the ethical use of AI remain at the forefront of public discourse. Tether data’s focus on open-source solutions could address these concerns as it develops its AI models and integrates them into products. Elon Musk recently sued Open AI regarding its closed-sourced models before open-sourcing his own ‘Grok’ model. Tether entering the open-source fray could add further fuel to the open-source fire, especially given its vast resources.

Overall, Tether’s strategic expansion into AI represents a shift in the business as it seemingly looks to consolidate its position in the emerging tech scene. The decentralized AI space in crypto has boomed over the past few months, with the sector’s market cap breaking the $25 billion mark in March.