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Stablecoin Issuer Tether Relocates to Bitcoin-Friendly El Salvador

Tether, the company behind stablecoin USDT, is moving to Bitcoin-friendly El Salvador—a poor country that is now attracting tech talent.

Stablecoin giant Tether is moving to Bitcoin-friendly El Salvador.

The company—currently incorporated in the British Virgin Islands—announced Monday that it had acquired a Digital Asset Service Provider license in the country and was relocating all its subsidiaries to the Central American nation.

Tiny El Salvador made Bitcoin legal tender in 2021 in a bid to get its citizens to use the biggest cryptocurrency by market cap. Under its leader, President Nayib Bukele, the country is also trying to attract tech entrepreneurs.

#stablecoin #crypto #tether #elsalvador