Tether is relocating to El Salvador, highlighting its commitment to promoting Bitcoin adoption. This decision follows the country’s adaptation of its Bitcoin Law, influenced by incentives from the International Monetary Fund (IMF), enhancing El Salvador’s appeal as a crypto-friendly jurisdiction.
CEO Paolo Ardoino expressed enthusiasm about Tether’s transition, calling El Salvador a ‘beacon of freedom’ and praising its leadership. This move is seen as a strategic effort to reposition Tether amid regulatory challenges in Europe, particularly with the implementation of MiCA regulations.
With El Salvador’s GDP estimated at 34 billion USD in 2023 and Tether’s projected net profit of 10 billion USD in 2024, both parties stand to gain significantly from this partnership. The relocation underscores Tether’s confidence in El Salvador as a global Bitcoin hub.