Tether Moves Headquarters to El Salvador After Securing License
Tether, the issuer of the USDT stablecoin, is relocating its corporate operations to El Salvador after obtaining a digital asset service provider license in the country. The move marks a significant step for Tether, which has been based in the British Virgin Islands and has strong ties with El Salvador’s government. The country is aiming to become a leading destination for Bitcoin and crypto businesses.
Tether’s CEO, Paolo Ardoino, expressed that the relocation would allow the company to better collaborate and focus on emerging markets. The company, which manages over $137 billion in assets, has seen major growth, especially with the recent surge in crypto markets and rising interest rates.
While Tether didn’t clarify the specifics of the move, including whether it would open a physical office or affect its parent company iFinex Inc., the decision underscores the ongoing partnership between Tether and El Salvador. The country has made strides in crypto adoption, with Bitcoin being recognized as legal tender and the country’s Bitcoin stockpile growing to over $600 million.
El Salvador, under President Nayib Bukele, has made significant progress in both security and economic growth, making it a favorable environment for crypto businesses like Tether. The move could further strengthen the country's position in the global cryptocurrency market.