Tether moves headquarters to El Salvador following DASP license approval

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Bitcoins Tether moves its operations to El Salvador from the British Virgin Islands after securing a Digital Asset Service Provider (DASP) license.

Tether, the issuer of the world’s largest stablecoin, is relocating its operations to El Salvador after securing a Digital Asset Service Provider (DASP) license.

By establishing a presence in the Bitcoin-friendly nation, Tether aims to align with El Salvador’s progressive regulatory framework and Bitcoin-focused policies.

The company, whose USDT stablecoin has a market cap of $137 billion, joins Bitfinex Derivatives in moving operations to El Salvador, which became the first country to adopt Bitcoin as legal tender in 2021.

“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,” Paolo Ardoino, CEO of Tether, stated in a company press release.

Ardoino described El Salvador as a beacon of digital asset innovation, emphasizing its alignment with Tether’s vision for decentralized technologies.

The nation currently holds 5,750 BTC in reserves, valued at $530 million.

Its supportive regulatory framework and Bitcoin-focused policies have made El Salvador an attractive destination for crypto companies looking for a favorable operational base.

Tether plans to leverage El Salvador’s regulatory framework to develop new solutions while expanding its presence in underserved regions.

The company aims to promote financial inclusion through Bitcoin and stablecoin adoption in emerging markets.