Tether moves operations to El Salvador after securing DASP license

Tether (CRYPTO:USDT), the issuer of the USDT stablecoin, has announced its decision to relocate its global headquarters to El Salvador.

This move follows the acquisition of a Digital Asset Service Provider (DASP) license, allowing Tether to operate legally within the country.

Tether’s CEO, Paolo Ardoino, emphasised that this relocation aligns with the company's mission to promote Bitcoin adoption 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,” he stated.

El Salvador has positioned itself as a pro-Bitcoin jurisdiction since it became the first country to recognise Bitcoin (CRYPTO:BTC) as legal tender in 2021.

The country has created a favorable regulatory environment that supports cryptocurrency initiatives and has a growing community knowledgeable about Bitcoin.

Tether's move is expected to enhance its operational capabilities and provide a strategic base for further expansion in emerging markets.

Ardoino noted that establishing a physical presence in El Salvador will enable Tether to better serve underserved regions and promote financial inclusion through digital assets.

The company has previously collaborated with El Salvador on various projects, including a citizenship program for investors willing to contribute $1 million in Bitcoin or Tether.

Additionally, Tether participated in a $1 billion Bitcoin mining initiative utilising geothermal energy from the country’s volcanoes.

“El Salvador represents a beacon of innovation in the digital assets space. By rooting ourselves here, 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 decentralised technologies,” Ardoino remarked.

As Tether prepares for this transition, it aims to work closely with local authorities and communities to shape the future of financial technology in the region.

At the time of reporting, the Tether (USDT) price was $0.9995.