Tether, the world’s largest stablecoin issuer and the business behind USDT, has announced the move of its worldwide headquarters from the British Virgin Islands to El Salvador. The move comes after the firm received a Digital Asset Service Provider (DASP) license, allowing it to operate in the Central American country noted for its progressive cryptocurrency policies.
Tether cited El Salvador’s favorable regulatory environment, increasing population of Bitcoin fans, and innovative position on digital assets as important reasons for the decision. Tether CEO Paolo Ardoino viewed the shift as a strategic move to strengthen the company’s emphasis on emerging economies and promote financial inclusion through decentralized technologies.
“El Salvador embodies the principles of financial freedom and innovation that Tether values,” says Ardoino. “By establishing our headquarters here, we’re not only aligning with a nation that shares our vision but also reinforcing our commitment to empowering people globally.”
El Salvador’s efforts to recruit bitcoin entrepreneurs have established it as a center of digital asset innovation. Tether’s move highlights the country’s growing popularity among crypto entrepreneurs and enterprises. President Bukele, a staunch supporter of Bitcoin, has hailed Tether’s move, which solidifies El Salvador’s position as a global leader in cryptocurrency adoption.
Despite these advancements, Bukele’s administration has faced criticism for alleged human rights violations and controversial policies. However, his administration continues to promote Bitcoin adoption as an important aspect of the country’s economic agenda. El Salvador owned roughly 6,000 BTC, worth more than $550 million, as of December 2024.
Tether’s decision to relocate is a watershed event for both the firm and the region. Tether’s new headquarters in El Salvador positions it to further shape the global crypto scene and contribute to the financial and technological prosperity of the country.
