Leading stablecoin issuer Tether is finalizing plans to move its global headquarters to El Salvador after obtaining a digital asset service provider (DASP) license, according to a statement on January 13.
Tether explained that El Salvador was the first country to adopt Bitcoin as a legal tender, positioning itself as a global hub for digital asset innovation.
Why El Salvador?
The company said the country’s progressive policies under President Nayib Bukele have created a favorable environment for blockchain technology and cryptocurrency companies.
The stablecoin issuer continued that El Salvador’s regulatory framework and Bitcoin-first economy are consistent with the country’s mission to foster financial inclusion through digital assets.
Additionally, the move aims to strengthen Tether’s ability to support underserved regions and foster financial innovation in markets often overlooked by traditional finance.
Tether CEO Paolo Ardoino emphasized that this decision reflects the company’s belief that El Salvador has the potential to lead the digital financial revolution.
He emphasized that this move will strengthen the company’s ability to explore new technologies while fostering collaboration within a supportive business ecosystem.
He added:
“By planting roots here, we will not only partner with countries that share our vision in terms of economic freedom, innovation and resilience, but also empower people around the world through decentralized technology. This will strengthen our efforts.”
Support for Bukele’s leadership
Tether’s move to El Salvador is not surprising, given that Ardoino is a big fan of Bukele’s leadership in the Central American country.
Over the past year, Mr. Ardoino has consistently praised El Salvador’s transformation under Bukele, praising his vision and dedication to making the country more secure and economically vibrant.
For Ardoino, Bukele represents the potential for a single leader to drive significant change, especially in promoting Bitcoin adoption and innovation.
He said:
“(Bukele) is the clearest example of the impact that politicians and leaders who love their people can have in bringing about positive change.”
