After $10B Profit, Tether Relocates Headquarters to El Salvador to Foster Bitcoin Adoption

Jan 13, 2025, 03:33 PM

Tether, the issuer of the USDT stablecoin, announced plans to relocate its headquarters and subsidiaries to El Salvador following the acquisition of a Digital Asset Service Provider (DASP) license in the country. The move comes after Tether reported $10 billion in profits in 2024. Tether CEO Paolo Ardoino expressed excitement about the relocation, calling El Salvador "the beacon of freedom" under President Nayib Bukele's leadership. The company aims to foster global Bitcoin adoption and strengthen its focus on emerging markets and innovation. El Salvador, which adopted Bitcoin as legal tender in 2021, continues to attract crypto firms.