Tether Relocates Headquarters to El Salvador
The largest stablecoin company in the crypto market, Tether, has announced its decision to establish its headquarters in El Salvador and relocate all operations to the country.
Tether Relocates Headquarters to El Salvador. Image: CryptoSlate
In a statement issued on January 13, 2025, Tether confirmed it has received a Digital Asset Service Provider (DASP) license from the El Salvadoran government, officially granting it legal status in the Latin American nation.
As a result, the company is finalizing the necessary procedures to shift operations to El Salvador and designate it as its new headquarters.
“El Salvador is quickly proving itself to be a global hub for digital assets and technological advancement. With forward-thinking policies, a supportive regulatory environment, and a thriving Bitcoin community, this country is becoming an ideal destination for companies spearheading the global financial technology revolution.”
— Tether Representative
Tether’s CEO, Paolo Ardoino, commented:
“This move is a natural progression for Tether, providing us with a new home to strengthen partnerships and focus on emerging markets. El Salvador is a beacon for advancing digital assets. By establishing our headquarters here, we not only align with the country’s vision of financial freedom and innovation but also reaffirm our commitment to empowering global users through decentralized technologies.”
The decision comes just a week after Bitfinex, Tether’s sister company, received its own DASP license from El Salvador.
Tether is the issuer of USDT, the largest stablecoin in the crypto market, with a market capitalization of over $137 billion. However, the company has faced operational challenges recently, including being excluded from the EU’s regulatory framework after the Markets in Crypto-Assets (MiCA) regulations came into effect, leading to a significant drop in USDT’s market cap—the largest since the collapse of FTX in 2022.
Meanwhile, El Salvador remains the only country in the world to officially recognize Bitcoin as legal tender. Despite scaling back certain BTC adoption measures to meet conditions for loans from the International Monetary Fund (IMF), the nation continues its Bitcoin accumulation strategy, increasing its holdings to over 6,000 BTC, valued at $570 million.
Update more onchain news at: t.me/godexglobal
Source: Godex.ai Compilation
