Tether, the company behind the USDT stablecoin, announced it is moving its headquarters to El Salvador after receiving a license to operate as a digital asset provider.
In a statement on January 13, Tether said it was inspired by El Salvador’s “forward-thinking policies, friendly regulations, and a community that understands Bitcoin.”
CEO Paolo Ardoino said, “By setting up in El Salvador, we are joining a country that shares our vision of financial freedom, innovation, and resilience.”
El Salvador gained attention in the crypto world when President Nayib Bukele made Bitcoin legal tender in 2021.
Tether has also been involved in local projects, like supporting geothermal energy for renewable power. Bukele and Ardoino have met several times, with Tether backing Bukele’s efforts to attract crypto companies to the country.
Ardoino called the move a “natural step for Tether,” helping the company establish a base, encourage collaboration, and focus on emerging markets.
President Bukele is a strong Bitcoin supporter. In a 2024 interview, he said adopting Bitcoin has been positive for El Salvador, although progress has been slower than he hoped. The government holds over 6,000 Bitcoins, worth more than $550 million as of December 2024.
However, a recent survey found that over 90% of Salvadorans still don’t use Bitcoin for daily transactions. President Bukele, known for calling himself the “world’s coolest dictator,” has been praised for reducing crime but criticized for alleged human rights violations, including detaining political opponents.
Recently, El Salvador made a $1.4 million loan deal with the International Monetary Fund (IMF), which requires businesses to use Bitcoin voluntarily. Additionally, taxes paid in Bitcoin must be converted to the country’s official currency.
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