Authored by Turner Wright via CoinTelegraph.com,
Stablecoin issuer Tether announced that it would move the company and its subsidiaries to El Salvador after it had secured an operating license in the Latin American nation.
In a Jan. 13 notice, Tether said it had acquired a license to operate in El Salvador as a digital asset service provider and stablecoin issuer. The company said it planned to relocate its headquarters and subsidiaries to El Salvador due to its “forward-thinking policies, favorable regulatory environment, and [...] growing Bitcoin-savvy community.”
“This decision is a natural progression for Tether as it allows us to build a new home, foster collaboration, and strengthen our focus on emerging markets,” said Tether CEO Paolo Ardoino, adding:
“By rooting ourselves [in El Salvador], we are not only aligning with a country that shares our vision in terms of financial freedom, innovation, and resilience but is also reinforcing our commitment to empowering people worldwide through decentralized technologies.”
The move followed reports that Ardoino and Tether’s chief operating officer, Claudia Lagorio, acquired real estate and became naturalized citizens in the Latin American nation in 2024. Cointelegraph reached out to Tether for comment but did not receive a response at the time of publication.
Since Salvadoran President Nayib Bukele announced his intention to have the country adopt Bitcoin BTC$94,330 as legal tender in 2021, many in the crypto industry have formed ties with the government or local businesses.
In 2023, Tether announced it would contribute to one of El Salvador’s proposed renewable energy projects, including geothermal facilities.
Ardoino appeared to have met or talked with Bukele several times, posting messages to social media echoing the Salvadoran President’s calls to bring in new companies and residents.
Source: Paolo Ardoino
In an August 2024 interview, Bukele claimed BTC adoption had been a “net positive” for El Salvador but said he had not seen as many benefits as he had anticipated.
The government reported holding more than 6,000 BTC as of December — worth more than $550 million at the time of publication.
Since taking office in 2019 and getting reelected in 2024, the Salvadoran president, who once branded himself as the “world’s coolest dictator,” has been praised by many for helping reduce the country’s murder rate. However, reports have alleged that Bukele has also wrongly detained individuals critical of his administration and committed human rights abuses.