Here’s what happened in crypto today
Today in crypto, Tether CEO Paolo Ardoino announced a new AI platform with crypto payment support, the Solana Foundation said it has patched a security vulnerability that could have affected Token-22 confidential tokens, and the government of the Maldives signed a $9 billion deal to establish a crypto hub.
Tether AI platform to support Bitcoin and USDT payments, CEO says
Tether AI, the forthcoming artificial intelligence platform from stablecoin giant Tether, will feature payments in major cryptocurrencies, including USDt and Bitcoin.
Tether CEO Paolo Adroino took to X on May 5 to tease the imminent launch of Tether AI, the company’s new AI platform designed to offer “personal infinite intelligence.”
According to Ardoino, Tether’s AI platform will be integrated with USDt (USDT) and Bitcoin (BTC) payments, allowing users to make transactions directly through a peer-to-peer (P2P) network.
The initiative builds on Tether’s December 2024 announcement that it was developing a website for the AI tool, targeting a launch by the end of the first quarter of 2025.
Ardoino emphasized that Tether AI will not use application programming interface (API) keys and will not depend on centralized control points.
Instead, Tether AI will offer a “fully open-source AI runtime” that will run on an “unstoppable peer-to-peer network,” and be “fully modular and composable.”
Additionally, Tether AI will be capable of adapting and evolving on “any hardware and device,” he said.
Solana devs fix bug that allowed unlimited minting of certain tokens
The Solana Foundation has confirmed that a zero-day vulnerability that allowed an attacker to potentially mint certain tokens and even withdraw those tokens from user accounts has been fixed.
A May 3 post-mortem from the Solana Foundation said that the security vulnerability, first discovered on April 16, could have allowed an attacker to forge an invalid proof to mint and steal an unlimited amount of Token-22 confidential tokens.
The vulnerability was first identified on April 16, and two patches were deployed to resolve the issues. A super majority of Solana validators adopted the patches around two days later.
The foundation said there is no known exploit of the vulnerability and confirmed that all funds remain safe.
Maldives signs $9 billion deal to become international crypto hub
The government of the Maldives signed a $9 billion deal with Dubai-based family office MBS Global Investments to develop a crypto hub in the island nation's capital of Malé and to attract foreign investment opportunities.
Part of the development deal includes plans for an 830,000-square-meter facility used to house and host blockchain, crypto, and Web3 firms.
According to the Financial Times, which first reported the story, the deal was signed in the hopes of diversifying the Maldives' economy away from tourism and low-margin exports like providing fishing stock.
The project's total funding will exceed the gross domestic product (GDP) of the Maldives, which is around $7 billion annually.
