Stablecoin issuer Tether has announced plans to relocate its company and subsidiaries to El Salvador after obtaining an operating license in the country.
In a Jan. 13 statement, Tether revealed that it had secured authorization to operate as a digital asset service provider and stablecoin issuer in El Salvador.
The company cited the nation’s “forward-thinking policies, favorable regulatory environment, and […] growing Bitcoin-savvy community” as key reasons for the move.
“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.
He added, “By rooting ourselves [in El Salvador], we are not only aligning with a country that shares our vision in terms of financial freedom, innovation, and resilience but is also reinforcing our commitment to empowering people worldwide through decentralized technologies.”
The relocation follows reports that Ardoino and Tether’s Chief Operating Officer, Claudia Lagorio, purchased property and became naturalized citizens of El Salvador in 2024.
Cointelegraph reached out to Tether for further comment but received no response at the time of publication.
El Salvador and Bitcoin Adoption
Since President Nayib Bukele announced plans to adopt Bitcoin as legal tender in 2021, El Salvador has become a hub for cryptocurrency initiatives.
In 2023, Tether pledged support for one of the country’s renewable energy projects, including geothermal energy facilities.
Ardoino has reportedly met with Bukele on several occasions, expressing support for the president’s efforts to attract businesses and new residents.
While Bukele has claimed Bitcoin adoption has been a “net positive” for the nation, some expected benefits have yet to materialize.
As of December, the Salvadoran government reported holding over 6,000 BTC, valued at more than $550 million.
Bukele’s administration has been praised for reducing crime rates but faced criticism over alleged human rights violations and the wrongful detention of critics.
