Source: Fortune
Summary
Tether, a stablecoin giant, has completed an audit of its reserves with KPMG, confirming that its gold reserves exceed its liabilities by $6.8 billion. The company is now looking to expand beyond financial services and into technology and infrastructure. Tether’s CEO, Paolo Ardoino, sees the company as a digital dollar and gold company, with plans to provide basic AI services to its 650 million users worldwide. The company has invested in decentralized communication, farming, and solar-powered kiosks, and is now exploring AI applications for the developing world.
Our Reading
The announcement sounds familiar.
Tether’s audit with KPMG is a heavy-lifting exercise that confirms the company’s gold reserves. CEO Paolo Ardoino says the company is no longer just a crypto firm, but a digital dollar and gold company. Tether is expanding into technology and infrastructure, with plans to provide basic AI services to its users. The company’s goal is to provide decentralized global technology networks where anyone can participate.
The strategy enters a familiar phase: using a Big Four audit to boost credibility and expand into new areas.
The numbers tell one story, but the real story is how Tether plans to monetize its AI services in the developing world.
Tether’s move into AI is a natural evolution of blockchain’s original promise, but it also raises concerns about the potential for a wealth gap multiplied by an intelligence gap.
The company’s plans to provide basic AI tools across various verticals will likely have significant implications for the developing world.
Ardoino’s warning about the potential for an intelligence gap is a signal that Tether is aware of the risks and challenges associated with its AI ambitions.
Author: Evan Null
