Tether Is Relocating to El Salvador to Establish New Headquarters

Stablecoin issuer Tether announced on Friday that it will be setting up its new headquarters in El Salvador, following the acquisition of a Digital Asset Service Provider (DASP) registration in the crypto-friendly country.

In a blog post, Tether said that its entities are incorporated in the British Virgin Islands, and that the relocation of services will follow the DASP registration.

Stablecoin giant Tether acquires Digital Asset Service Provider licence in El Salvador

The stablecoin giant recently acquired the Digital Asset Service Provider licence in El Salvador, which became the first country in the world to adopt bitcoin as a legal tender in 2021.

“Tether ♥️ 🇸🇻

Very excited for Tether group relocating in El Salvador.

El Salvador is the beacon of freedom and @nayibbukele is an inspiring leader driving the country with love, passion and intelligence.

Seguimos 🦾 https://t.co/42Y83ryEaE,” Tether chief technology officer Paolo Ardoino wrote in a tweet.

According to the blog post, Tether will be seeking to establish networks in the digital assets space in El Salvador, which has bitcoin-friendly policies.

The company added that it will be aiming to leverage bitcoin as a legal tender and spearhead the adoption of stablecoin in emerging markets.

“El Salvador has opened up for business in the digital finance space with digital assets-friendly policies and is also cultivating a digital asset-sound community,” the blog post reads.

“To further bitcoin adoption, the country is planning a policy that will require businesses to accept bitcoin as a legal tender.

“Tether, the issuer of the world’s largest stablecoin with a market cap of $137 billion, said its plans to relocate to El Salvador aligns with the company’s goal to support financial inclusion by driving bitcoin adoption.”

The stablecoin issuer added that it will be focusing on emerging markets as it aims to establish networks in El Salvador, which has crypto-friendly policies.

“We are excited about the role stablecoins can play in emerging markets like El Salvador, and we are committed to working with the country’s leaders to identify opportunities for collaboration,” Ardoino said.

“By working together, we can create a more inclusive and prosperous financial system for all.”

Bitfinex Derivatives also announced that it will be moving its operation headquarters to El Salvador after it acquired its DASP licence.

El Salvador has become a digital assets business destination for global bitcoin exchanges, and companies such as Binance, FTX, and Chainlink have also set up operations in the country.