Join WhatsApp Channel
Join Telegram ChannelTether, the company behind the popular USDT stablecoin, has announced its decision to move its headquarters and subsidiaries to El Salvador.
This move comes after the company obtained a license to operate in the country as a digital asset service provider and stablecoin issuer.
Tether Moves Headquarters to El Salvador
According to a Cointelegraph report, Tether highlighted that its decision was motivated by El Salvador's forward-thinking policies, supportive regulatory environment, and vibrant community. Paolo Ardoino, CEO of Tether, stated:
This decision is a natural step for Tether as it allows us to build a new home, strengthen collaboration, and focus on emerging markets. By moving to El Salvador, we are aligning ourselves with a country that shares our vision of financial freedom, innovation and resilience. This step also reaffirms our commitment to empowering communities around the world through decentralized technology.
In 2024, Ardoino and Claudia Lagorio, Tether's Chief Operating Officer, purchased property in El Salvador and obtained citizenship. The country led by President Nayib Bukele made headlines in 2021 by adopting Bitcoin as legal tender. This bold move has attracted several cryptocurrency companies and investors, fostering stronger ties between the industry and local businesses.
Tether has taken steps to contribute to El Salvador's economy. In 2023, the company announced investments in renewable energy projects in the country, including geothermal facilities. Reports suggest that by December 2024, El Salvador will have more than 6,000 Bitcoins, worth around $550 million.
This relocation marks an important milestone for Tether and strengthens El Salvador's position as a global hub for cryptocurrency innovation.