Crypto firm Tether and its founders moving to El Salvador

Cryptocurrency firm Tether plans to move its headquarters to El Salvador, its chief executive said, as the founders of the world's biggest stablecoin look to capitalize on the Central American country's bid to become a hub for crypto trading.

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Tether has emerged as a dominant force in the booming market for stablecoins, which are designed to maintain a constant value by being pegged to traditional currencies and offer users a way to move money between cryptocurrencies without exposure to price swings.

Mr Paolo Ardoino, its chief executive, told Reuters that Tether would relocate to El Salvador after the cryptocurrency recently obtained a license there as a digital asset service provider.

Mr Ardoino, his fellow managers and co-founders of Tether will also move their residences to El Salvador, he said. Previously, the company was incorporated in the British Virgin Islands.

"This move to El Salvador will be the first time we're going to also have a physical headquarters," he said. But not all of the company's more than 100 employees will move there, he said, adding that many of the staff work remotely.