Crypto firm Tether is moving headquarters to El Salvador, aligning with country's pro-crypto stance.

From Investing.com

January 13, 2025 5:33:14 PM:

Cryptocurrency firm Tether plans to move its headquarters to El Salvador to capitalize on the country’s bid to become a hub for crypto trading. CEO Paolo Ardoino and cofounders will also relocate. Tether is a dominant force in the stablecoin market, with its USDT token accounting for two-thirds of the $212 billion worth of stablecoins in circulation.

Tether obtained a license in El Salvador as a digital asset service provider. The company plans to hire 100 Salvadorans over the next several years. Tether has faced questions about its reserves and is increasing monitoring to combat illicit finance. Despite considering other locations, Tether lacks a license to operate in the EU and has ruled out the US for now.

El Salvador aims to become a hub for digital currency trading. President Nayib Bukele made bitcoin legal tender three years ago. Bukele welcomed Tether’s move, signaling support for the country’s crypto-friendly environment. Tether’s decision aligns with El Salvador’s efforts to boost its economy through digital innovation and investment.

Read more at Investing.com: Crypto firm Tether and its founders finalizing move to El Salvador By Reuters