In a rather surprising development, Tether has announced it will officially relocate its headquarters to El Salvador. Indeed, the CEO of the USDT stablecoin issuer, Paulo Ardoino, took to X (formerly Twitter) to make the move official, calling the country a “beacon of freedom.”

The relocation news came after Tether announced it had received a Digital Asset Service Provider (DASP) license in the country. Moreover, they stated the firm “and its subsidiaries are about to complete all formalities” to officially relocate to the crypto-friendly hub.

Also Read: Tether to Launch a Stablecoin Pegged to the UAE Currency

Tether to Relocate to El Salvador After Receiving Key License

Throughout the last twelve months, the cryptocurrency sector has enjoyed perhaps its most important year yet. The asset class saw two crypto-based ETFs debut in the United States. Moreover, Bitcoin reached a six-figure price for the first time in history.

Although a cryptocurrency revolution feels like it is slowly emerging, some regions of the world have long embraced the asset class. Perhaps no country has done more so than El Salvador. In 2021, the country’s president, Nayib Bukele, made BTC legal tender, and it has been thriving as a pro-crypto nation since.

Tether Q2 Report Reveals $3.3 Billion in Excess Reserves
Source: Portal do Bitcoin

Also Read: El Salvador’s Crypto Revolution: Bitcoin Reserves Surge & Bitfinex Joins

Now, it has successfully driven one of the most prominent entities in the industry to move. Indeed, Tether announced that it is officially set to relocate to El Salvador after receiving a DASP license in the nation. In an announcement, the company said the move was “marking a step in Tether’s journey to foster global Bitcoin adoption.”

Additionally, they called El Salvador “one of the world’s most forward-thinking markets” while discussing the importance of the move. “This strategic positioning is helping to shape the future or financial systems, making the country a key player in the global fintech landscape,” they added.

In a post to X, TEther CEO Paolo Ardoino first confirmed the relocation plan. There, he called President Bukele an “inspiring leader driving the country with love, passion, and intelligence.” Now, it will be interesting to see if the move is the start of a new trend toward a budding crypto hotbed.

  • El Salvador
  • Tether USDT