In a latest development, Tether and its subsidiaries are finalizing plans to relocate to El Salvador after securing a Digital Asset Service Provider (DASP) license and becoming a stablecoin issuer. Notably, this license allows the company to operate legally as a stablecoin issuer and digital asset service provider in the country. The move follows Bitfinex Derivatives, another major crypto company, obtaining a DASP license in El Salvador.
This move positions Tether in one of the world’s most forward-thinking markets. This relocation will enable Tether to foster innovation, develop advanced solutions, and further its mission to drive Bitcoin adoption and growth in emerging markets.
The stablecoin issuer highlighted that El Salvador is rapidly establishing itself as a global hub for digital assets and technology innovation. With its progressive policies, supportive regulations, and growing Bitcoin-savvy community, the country has become a top choice for digital finance companies. The firm has decided to shift its base of operations with the aim of innovation and concentrating on emerging markets.
It also noted that by embracing blockchain and digital currencies, El Salvador is creating an environment that fosters innovation and attracts investment in finance and tech. This strategy is shaping the future of financial systems and positioning the country as a key player in the global fintech scene.
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 Paolo Ardoino, CEO of Tether. “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 decentralized technologies.
Since El Salvador made Bitcoin legal tender in 2021, the country has become a hub for cryptocurrency companies due to its progressive policies. Tether, the USDT issuer, has announced plans to collaborate with the Salvadoran government and businesses to increase financial access and promote stablecoins. Through its USDT stablecoin, Tether aims to offer decentralized financial solutions, helping expand its presence in a country with a growing understanding of Bitcoin.
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