Tether and its subsidiaries are “finalizing all formalities” to move their headquarters to El Salvador after successfully obtaining a digital asset service provider license as a stablecoin issuer, according to a press release.
“[…] This decision marks a key step on Tether’s path to promoting global Bitcoin adoption. It bolsters the company’s position in one of the world’s most progressive markets and fosters more efficient development and deployment of new solutions in a dynamic environment that nurtures innovation,” the statement reads.
Tether’s leadership believes El Salvador is rapidly emerging as a global hub for digital assets “thanks to forward-looking policies, a favorable regulatory setting, and a growing Bitcoin-savvy community.”
The company highlighted several benefits of this jurisdiction:
- Encouraging Bitcoin Adoption: El Salvador’s Bitcoin-focused economy aligns seamlessly with Tether’s mission to empower individuals and businesses.
- Stronger Focus on Emerging Markets: Relocating USDT’s issuer to El Salvador allows Tether to further scale its efforts to bolster financial inclusion, leveraging Bitcoin and stablecoin adoption in underbanked regions.
- Freedom to Innovate: The move offers Tether greater flexibility to explore cutting-edge solutions within a supportive legal and business context.
“This decision is a natural progression for Tether, allowing us to build a new home, cultivate collaboration, and sharpen our focus on emerging markets. […] El Salvador stands as a beacon of digital asset innovation,” added Tether CEO Paolo Ardoino.
Following the relocation of its headquarters, Tether plans to collaborate fully with the government and local businesses.
Context
- On January 7, Bitfinex announced it would relocate its derivatives trading service to El Salvador.
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