Tether, the issuer of the USDT stablecoin, has announced the relocation of its headquarters and subsidiaries to El Salvador. This decision follows the company’s receipt of a Digital Asset Service Provider (DASP) license, which enables it to operate in Latin America.
Partnership with El Salvador
Tether's collaboration with El Salvador began in 2021 when the country became the first in the world to recognize Bitcoin as legal tender. Since then, the company has actively supported the nation’s efforts to transform into a global crypto hub.
Paolo Ardoino, CEO of Tether, stated: "This is a logical step that strengthens our partnership with El Salvador and allows us to focus on emerging markets."
Currently, Tether manages assets totaling over $137 billion. The USDT stablecoin, pegged to the US dollar, is backed by reserves that include cash and US Treasury bonds. The growth of the crypto market in 2024 enabled the company to achieve multi-billion-dollar profits.
Simultaneously, El Salvador continues its active Bitcoin accumulation strategy, purchasing one coin daily, further solidifying its status as a crypto-oriented nation.
Impact on the Region
Tether's move to El Salvador enhances the country's attractiveness for other cryptocurrency projects and startups. However, the company has not yet disclosed whether this decision will affect the operations of related entities, such as iFinex Inc. or the Bitfinex exchange, or if it will maintain its activities in the British Virgin Islands.
El Salvador is steadily establishing itself as a crypto-friendly region in Latin America. If you are considering starting a business in this region, El Salvador offers favorable conditions for business development.
For company registration or professional advice, reach out to IT-OFFSHORE experts, who can assist you with the process efficiently and professionally.
