Tether Expands Beyond Crypto with Basic AI Tools and Gold-Backed Reserves

Tether, the company behind the widely-used stablecoin USDT, has announced plans to expand its services beyond cryptocurrency. According to Paolo Ardoino, Tether's CEO, the company no longer views itself as just a crypto player but also as a digital dollar and gold company.

The announcement comes after an audit by KPMG confirmed that Tether holds around 150 tons of gold in its reserves, exceeding its liabilities by $6.8 billion. The reserve audit aims to address long-standing concerns about the stability of USDT, which is pegged to the US dollar and used for storing value and fast transfers.

Tether plans to launch basic AI tools for users in developing countries, leveraging the widespread adoption of smartphones in these regions. The company's logic is that simple AI models can run directly on smartphones without complex infrastructure, enabling everyday tasks such as healthcare, finance, and sports analysis.