“Welcome home,” crowed President Nayib Bukele on X, a social network. On January 13th Tether, the world’s leading stablecoin firm, announced that it had chosen El Salvador as the location of its first physical headquarters. (Stablecoins are cryptocurrencies whose value is supposed to track that of another asset, such as the dollar or gold.) The move is a triumph for Mr Bukele, who has been trying to turn the Central American country of 6.3m people into a crypto oasis.
Tether’s move to El Salvador is a win for President Nayib Bukele
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