Last year, Tether, which earned $13 billion in revenue through USDT, CEO Paolo Ardoino posted on X last night (26th), stating that he has reviewed the first design proposal for Tether Tower in El Salvador.
Although the post did not reveal more design details or any images, it quickly sparked discussion in the community, with netizens using AI to offer their suggestions.
Tether Announces Headquarters Relocation to El Salvador
Tether's desire to establish a building in El Salvador is not without reason. In January this year, the company announced that after obtaining regulatory approval, Tether will move its company to El Salvador, a country highly friendly to cryptocurrencies:
Tether and its subsidiaries are about to complete all procedures to relocate the company to El Salvador, following the successful acquisition of a Digital Asset Service Provider (DASP) license and stablecoin issuer status, marking a new step in Tether's efforts to promote global adoption of cryptocurrencies like Bitcoin.
Highly Praising El Salvador
In the announcement, Tether highly praised El Salvador's cryptocurrency environment, stating:
El Salvador is rapidly positioning itself as a new center for digital assets and technological innovation, with its forward-looking policies, favorable regulatory environment, and growing Bitcoin community, making it an ideal destination for companies leading the digital financial revolution.
By embracing blockchain technology and digital currencies, El Salvador is fostering an ecosystem that encourages innovation and attracts investors, strategically positioning itself to shape the future of the financial system and becoming a key player in the global fintech field.
At the same time, Tether stated that its entry into El Salvador will bring about the following changes:
- Encourage Bitcoin Adoption: Tether says El Salvador's friendly attitude towards Bitcoin aligns with its own, and entering the country will further promote cryptocurrency adoption;
- Expand Focus on Emerging Markets: Tether's relocation to El Salvador will help it further achieve its financial inclusion goals;
- Freedom to Innovate: In El Salvador's friendly regulatory environment, Tether can continue to explore breakthrough financial solutions;
- Obtain Licensing: Obtaining a license in El Salvador will help Tether embrace innovation and realize its long-term vision.
Tether Executives Purchase Real Estate and Obtain Citizenship
According to foreign media reports, as part of its strategy to enter El Salvador, several Tether executives, including CEO Paolo Ardoino, CFO Giancarlo Devasini, and COO Claudia Lagorio, have made significant real estate investments in the country and obtained citizenship, including:
- On July 31, 2024, Ardoino and Lagorio purchased two plots of land worth $1.7 million at the Condominio Villanueva Golf Country Club;
- Devasini and Bitcoin artist Valentina Picozz jointly purchased a property worth $2 million in El Salvador;
- Additionally, Devasini owns 15 companies in El Salvador, with 11 registered last year, and some of these companies have purchased properties in the city center.
It is clear that Tether indeed plans to make El Salvador its company headquarters.
