Tether will move the business to El Salvador after acquiring the DASP license

The largest stablecoin issuer has announced that it will move its business to Bitcoin-friendly El Salvador after acquiring a Digital Asset Service Provider (DASP) license in the country.

According to an official statement, Tether and its subsidiaries will be located in El Salvador after the company completes all procedures for the transfer. The stablecoin issuer will also establish its headquarters in the Central American country.

Tether to move to El Salvador

According to Tether’s announcement, the latest decision is a step in its journey to encourage global adoption of Bitcoin. The move to El Salvador will strengthen its position in one of the “most avant-garde markets” in the world, promoting innovation in the country.

El Salvador was the first country to recognize Bitcoin as legal tender and has since established innovative projects that show its support for the cryptocurrency. The country has a favorable regulatory environment and a growing Bitcoin community, especially with government programs that teach residents about Bitcoin.

While Tether supports El Salvador’s vision of financial freedom, a highlight of its latest decision is the ability to expand its focus on emerging markets. The company says it will be strategically positioned to help shape the future of financial systems, not just in El Salvador but globally.

“This decision is a natural progression for Tether as it allows us to build a new home, foster collaboration and strengthen our focus on emerging markets,” said Tether CEO Paolo Ardoino.

Previous collaborations with El Salvador

It is worth mentioning that Tether and its subsidiaries have already started and been involved in several projects in El Salvador.

In 2023, the government of El Salvador partnered with Tether to launch a citizenship program that offered a residency visa and a path to citizenship for people willing to invest $1 million in bitcoin (BTC) or Tether (USDT) in the country.

Last year, Tether became part of a $1 billion Bitcoin mining initiative in El Salvador, a project powered by the country’s volcanoes that seeks to encourage sustainable mining of digital assets.

“El Salvador represents a beacon of innovation in the space of digital assets. By putting down roots here, we’re not only aligning ourselves with a country that shares our vision for financial freedom, innovation and resilience, but we’re also strengthening our commitment to empowering people around the world through decentralized technologies.” added Ardoino.

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