Catenaa, Monday, January 19, 2025 – Tether, the issuer behind the $137 billion USDT stablecoin, has announced plans to relocate its operations to El Salvador after securing a Digital Asset Service Provider (DASP) license from the regional authorities.
This marks a significant step in Tether’s strategy to expand its presence in emerging markets and promote global Bitcoin adoption.
The decision to move to El Salvador follows the country’s adoption of Bitcoin as legal tender and its reputation for fostering a favorable regulatory environment for digital assets. Tether’s CEO, Paolo Ardoino, praised the country’s “forward-thinking policies” and highlighted the growing Bitcoin-savvy community, which aligns with the firm’s mission to empower people through decentralized technologies.
Ardoino noted that the move to El Salvador will enable Tether to collaborate with local businesses, enhance financial inclusion, and further promote the adoption of USDT. Tether aims to leverage El Salvador’s crypto-friendly policies to innovate and expand its offerings.
El Salvador’s President Nayib Bukele, who won re-election in early 2024, has championed Bitcoin adoption and has reshaped the country’s approach to digital currencies. Tether’s relocation is part of the broader trend of crypto firms flocking to the country to take advantage of its regulatory climate.
In addition to Tether’s move, Bitfinex Derivatives also secured a DASP license in El Salvador, following the path of its parent company, Bitfinex, which became the first crypto exchange to register with the country’s authorities in 2021.
