Tether, the issuer of USDT, relocates to El Salvador, obtains a DASP license, and collaborates with the government to adopt and innovate crypto.
After obtaining a Digital Asset Service Provider (DASP) license, USDT issuer Tether has announced its relocation to El Salvador. The firm’s decision is consistent with its dedication to promoting cryptocurrency adoption in emergent markets while leveraging El Salvador’s crypto-friendly environment.
Tether Acquires DASP License for Operations in El Salvador
Tether has formally declared its intention to establish a physical office in El Salvador after issuing the DASP license. This license allows the company to legally operate as a digital asset service provider and stablecoin issuer within the country.
“This is a new step for the company,” stated Paolo Ardoino, Tether’s CEO. Ardoino stated, “We are collaborating with a nation that shares our aspirations for financial freedom, innovation, and stability.” To accomplish this, the organization has elected to relocate its headquarters to prioritize innovation and concentrate on emerging markets.
The country has attracted numerous cryptocurrency companies since 2021, when Bitcoin was declared legal tender in El Salvador. Due to its progressive policies, the country is a favorable environment for the crypto and blockchain industry.
Working in conjunction with the government of El Salvador
The USDT issuer, Tether, has announced that it will work with the Salvadoran government and enterprises to increase financial accessibility and promote stablecoins. The company intends to offer decentralized financial solutions to businesses and individuals through its USDT stablecoin, which will facilitate transactions.
Tether will be able to broaden its operations in El Salvador, where there is a growing population of individuals who comprehend Bitcoin. In 2024, Ardoino and Chief Operating Officer Claudia Lagorio, among other Tether executives, acquired citizenship in El Salvador and invested in real estate.
As a result, the government of El Salvador is now accepting business from crypto companies to establish itself as a global leader in digital currency. Nayib Bukele, the President of El Salvador, has expressed his strong endorsement of cryptocurrency and has asserted that it is essential for the country’s economic growth, aligning with Michael Saylor’s MicroStrategy BTC Strategy.
Tether and El Salvador Have Plans for Crypto Mining
The transition occurred after Bitfinex Derivatives, an additional significant cryptocurrency company, obtained a DASP license in El Salvador. Additionally, El Salvador has implemented advantageous policies that stimulate tourism and attract foreign investments. The country’s tourism is experiencing a consistent increase, as a Santander US Capital Markets report indicates. This growth is attributed to Trump’s approval of Bitcoin, similar to that of the United States.
As part of its strategy to operate in regions with cryptocurrency-friendly policies, the USDT issuer is relocating its base. The company is confident that the proposed action will allow it to focus on developing new digital financial products.
Tether is the world’s largest stablecoin issuer, with more than $137 billion in USDT in circulation. The company has stated that relocating its operations to El Salvador will enable it to enhance the accessibility of digital assets worldwide and extend its services, including acquiring additional BTC.
Tether also disclosed that it will endorse renewable energy initiatives in El Salvador, including the geothermal power facility that harnesses volcanic energy. In addition to guaranteeing sustainable crypto mining, these initiatives are designed to improve the nation’s energy infrastructure.
