Tether, the largest stablecoin issuer, is finalizing its plans to move its global headquarters to El Salvador after obtaining a Digital Asset Service Provider (DASP) license, according to a January 13 statement.
Tether explained that El Salvador, the first country to adopt Bitcoin as legal tender, has positioned itself as a global hub for digital asset innovation.
Why El Salvador?
According to the company, the country’s forward-looking policies under President Nayib Bukele have created an environment conducive to blockchain technology and crypto businesses.
The stablecoin issuer continued that El Salvador’s regulatory framework and Bitcoin-first economy align with its mission to drive financial inclusion through digital assets.
Additionally, the move aims to increase Tether’s ability to support underserved regions and promote financial innovation in markets often overlooked by traditional financial institutions.
Paolo Ardoino, CEO of Tether, emphasized that the decision reflects the company’s belief in El Salvador’s potential to lead the digital financial revolution.
He emphasized that this move would strengthen the company’s ability to explore new technologies while promoting collaboration within a supportive business ecosystem.
He added:
“By locating here, we are not only joining a country that shares our vision for financial freedom, innovation and resilience, but we are also strengthening our commitment to empowering people worldwide through decentralized technologies.”
Support for Bukele’s leadership
Tether’s move to El Salvador is not surprising, as Ardoino is a big fan of Bukele’s leadership in the Central American country.
Over the past year, Ardoino has consistently praised El Salvador’s transformation under Bukele, touting his vision and commitment to making the country safer and more economically vibrant.
For Ardoino, Bukele represents the potential of a single leader to catalyze significant change, especially in adopting Bitcoin and fostering innovation.
He stated:
“[Bukele] represents the clearest example of the positive transformative impact of a politician and a leader who loves his people.”