Tether has the gold. Now, CEO Paolo Ardoino is making a bold push into AI
A KPMG audit appears to establish the legitimacy of Tether's reserves. Meanwhile, the company's ambitions are scaling far beyond crypto.
Accounting is not a physically demanding profession, but KPMG auditors recently traversed a Swiss mountain range, hauling gold bars to audit Tether's reserves. CEO Paolo Ardoino discussed the heavy-lifting audit, which confirmed the company's gold reserves are real and that Tether's overall reserves exceed liabilities by $6.8 billion.
This audit quells one of crypto's longest-standing conspiracies about Tether's $183 billion stablecoin, USDT, not being properly backed. Ardoino, however, is eager to move beyond the crypto label and expand Tether's platform into technology and infrastructure. The company has invested in areas like decentralized communication, farming, and solar-powered kiosks that supply affordable electricity.
AI services are next on Tether's agenda, aiming to provide basic AI tools to the developing world, where most of Tether's users reside. Ardoino envisions basic AI applications in health, finance, and sports, among other verticals. The business model for these AI services remains unclear, but they would likely involve customers paying a modest monthly fee using Tether's stablecoin or other digital payment methods.
Ardoino warns that the growing divide between intelligence and wealth could exacerbate societal instability.
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