Tether, the company behind the USDT stablecoin, has announced that it will move its headquarters and subsidiaries from the British Virgin Islands to El Salvador.
Tether, the company behind the USDT stablecoin, has announced that it will move its headquarters and subsidiaries from the British Virgin Islands to El Salvador after securing a Digital Asset Service Provider (DASP) license. Tether CEO Paolo Ardoino and COO Claudia Lagorio had previously acquired real estate and become naturalized citizens of El Salvador in 2024. The company’s relocation is due to the country’s favorable regulatory environment, its growing Bitcoin-savvy community, and its forward-thinking policies. Tether plans to build its new home in El Salvador, aiming to strengthen its focus on emerging markets and further its efforts in financial inclusion and decentralized technologies.
El Salvador made Bitcoin legal tender in 2021 under President Nayib Bukele, marking a significant milestone in the country’s efforts to embrace digital currencies. The country has since been making strides to attract cryptocurrency and technology businesses. Tether’s decision to relocate follows in the footsteps of other crypto-related companies, such as Bitfinex, which also moved its operations to El Salvador. Tether’s market cap stands at $137 billion, making USDT the most-traded stablecoin in the world. The company’s move to El Salvador aims to expand its operations and support financial inclusion globally.
In addition to its favorable regulatory environment, El Salvador’s Bitcoin adoption efforts have been seen as a draw for businesses. Tether’s relocation also reflects the growing presence of crypto entrepreneurs and tech talent in the country. Tether has previously announced its support for El Salvador’s renewable energy initiatives, including geothermal energy projects, which further ties the company to the country’s digital asset ambitions.
However, despite these positive developments, El Salvador’s government has faced criticism regarding human rights issues. While crime rates have dropped under Bukele’s leadership, the administration has been accused of detaining individuals critical of the government. Nevertheless, Bukele’s administration has continued to champion Bitcoin adoption, with the country’s Bitcoin holdings surpassing 6,000 BTC as of December 2024, valued at over $550 million at the time.
Tether’s relocation to El Salvador signals the increasing role of cryptocurrency in the country’s economic future. As a key player in the stablecoin market, Tether’s move highlights the growing importance of Bitcoin and other digital assets in shaping the region’s financial landscape. With its presence in El Salvador, Tether is reinforcing its commitment to promoting decentralized finance while aligning with a nation that shares its vision of financial innovation.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
