On January 14, 2025, Tether, the leading stablecoin issuer, announced its relocation to El Salvador after securing a Digital Asset Service Provider license. This move aligns with El Salvador's status as the first country to adopt Bitcoin as legal tender, promoting a favorable regulatory environment under President Nayib Bukele.
Tether's market cap stands at $137 billion, making USDT the most traded cryptocurrency and the largest stablecoin. The company's CEO, Paolo Ardoino, emphasized that this relocation aims to enhance Tether's support for underserved regions and financial innovation.
Ardoino praised Bukele's leadership, asserting that El Salvador's policies foster a conducive environment for blockchain technology. This strategic move follows last week's announcement from crypto exchange Bitfinex, which also plans to relocate its derivatives arm to El Salvador.