Tether, the issuer of the USDT stablecoin, shared that it is moving its headquarters to El Salvador just after securing a license to operate as a digital asset provider. In a statement on January 13, Tether said it is inspired by Salvador’s “forward-thinking policies, favorable regulatory environment, and growing Bitcoin-savvy community.”
The CEO, Paolo Ardoino, added that “By rooting ourselves in El Salvador, we are aligning with a country that shares our vision of financial freedom, innovation, and resilience.” El Salvador has been a big name in the space ever since its president, Nayib Bukele, decided to make Bitcoin a legal tender back in 2021.
Tether itself has also participated in some local projects in the country, like supporting geothermal energy for renewable power. Moreover, Bukele and Ardoino have met before on several occasions, especially with Tether supporting Bukele’s effort to bring crypto firms into the country.
Ardoino said the decision to relocate is a “natural progression for Tether as it allows us to build a new home, foster collaboration, and strengthen our focus on emerging markets.”
President Bukele is someone you would call a true Bitcoin fan. In a 2024 interview, Bukele described Bitcoin adoption as a “net positive” for El Salvador, while all the same, admitting that the adoption is going slower than he had wanted. The government itself reportedly holds over 6,000 BTC, valued at more than $550 million as of December 2024.
But a recent survey showed that over 90% of Salvadorans still do not use Bitcoin for transactions. President Bukele, known for branding himself as the “world’s coolest dictator,” has been praised for reducing crime rates but criticized for alleged human rights abuses, including detaining political critics.
Recently, El Salvador made a $1.4 million loan deal with the International Monetary Fund (IMF) under the condition that companies and businesses use Bitcoin voluntarily. Also, taxes that are being paid in Bitcoin would be paid only in El Salvador’s official cy.
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