Paolo Ardoino, the new CEO of crypto company Tether, is grappling with a difficult but enviable problem: How best to spend billions of dollars. Recently flush with cash, Tether is pushing into unfamiliar new fields, like AI. Ardoino’s ambitious plan is to mount a challenge to Microsoft, Google, and Amazon.
Tether, which is incorporated in the British Virgin Islands, is among the world’s largest crypto businesses. The majority of its revenue comes from its stablecoin, USDT, which is pegged to a dollar valuation by a basket of cash and other assets held in reserve.
The model is relatively simple: Tether receives US dollars in exchange for tokens that customers can use
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