The largest stablecoin issuer has announced that it is relocating its business to the Bitcoin-friendly El Salvador after acquiring a Digital Asset Service Provider (DASP) license in the country.

According to an official release, Tether and its subsidiaries will be located in El Salvador after the company completes all formalities for the move. The stablecoin issuer will also establish its headquarters in the Central American country.

Tether to Move to El Salvador

Per Tether’s announcement, the latest decision is a step in its journey to foster global Bitcoin adoption. The move to El Salvador will strengthen its position in one of the world’s “most forward-thinking markets,” promoting innovation in the country.

El Salvador was the first country to recognize Bitcoin as a legal tender and has since established innovative projects showing its support for the cryptocurrency. The country has a favorable regulatory environment and a budding Bitcoin-savvy community, especially with government programs teaching residents about Bitcoin.

While Tether supports El Salvador’s vision for financial freedom, one highlight of its latest decision is the ability to expand its focus on emerging markets. The company says it will be strategically positioned to help shape the future of financial systems, not just in El Salvador but in the global landscape.

“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,” Tether’s CEO Paolo Ardoino said.

Past Collaborations With El Salvador

It is worth mentioning that Tether and its subsidiaries have already begun and gotten involved in several projects in El Salvador.

In 2023, the government of El Salvador collaborated with Tether to launch a citizenship program that offered a residency visa and a route to citizenship for individuals willing to invest $1 million in bitcoin (BTC) or Tether (USDT) in the country.

Last year, Tether became a part of a $1 billion Bitcoin mining initiative in El Salvador, a project powered by the country’s volcanoes and seeking to foster sustainable digital asset mining.

“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,” Ardoino added.