CEO of stablecoin Tether calls El Salvador “a new home”

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By LatAm Reports Editorial Team

Italian Paolo Ardoino posted on his X account a photograph from a hotel in the country. The cryptocompany has had reports of irregularities in the United States.

The Italian Paolo Ardoino, CEO of the crypto-company Tether since December 2023, announced through his account in X that he will begin to visit El Salvador more assiduously, as a kind of job headquarters equivalent to that maintained in Lugano, Switzerland, a city considered epicenter by cryptoentrepreneurs in Europe, as it accepts cryptocurrencies for the payment of municipal taxes.

“A new home,” he wrote in his post next to the postcard of a sea view. In a chained message, he clarifies that it is a hotel and, to a user’s question whether he will leave Lugano to settle in El Salvador, Ardoino commented: Always traveling. You can have multiple places to feel at home.

In 2023, the cryptocurrency company was one of two appointed by US Senator Cynthia Lummis to move money for Hamas terrorist acts. He requested to initiate proceedings against the company to that nation’s attorney general, Merrick Garland.

In the letter sent, the policy recalled that, under the leadership of the Israeli security forces, Tether had recently frozen 32 Hamas-controlled addresses and entities linked to Russia in Israel and Ukraine.

Ardoino has a close relationship with Salvadoran political power. He spoke, for example, of the collaboration with the El Salvador government, especially with regard to Tether’s sister company, Bitfinex, of which he is head of technology. As he commented in an interview for the newspaper El Faro of January 2022, he was met with the brother of the President of the Republic, Yusef Bukele, for the plan of the issuance of the Bitcoin Bonds, announced at the end of 2021. As Licensed president Nayib Bukele said, they will be out in the first quarter of 2024.

Tether has previously been fined by the U.S. Commodity Futures Negotiating Commission (CFTC) for false statements regarding the composition of its reservations.
The Italian’s message that he is moving to El Salvador caught the attention of cryptocurrency-eating journalists such as Jacob Silverman, co-author of the book “Easy Money: Cryptodivisas, Casino Capitalism and the Golden Age of Fraud,” published, with great success, last year.

On the 10-day re-election of Bukele, Tether’s executive director announces that he will move to El Salvador and the executive director of Cantor Fitzgerald, which manages the Treasury Letters (of the United States) for Tether, visit the Bitcoin office of the El Salvador government, he wrote.

Cantor Fitzgerald has American Howard Lutnick as CEO. The X-based Bitcoin Office (ONBTC) account posted a photo of the executive next to licensed president Nayib Bukele on February 14. Cantor Fitzgerald is one of the few brokerage firms that can trade US Treasury Bonds, along with Charles Schwab, Fidelity and Vanguard.

Lutnick has declared himself a fan of Tether.

‘I’m a huge fan of this stablecoin called Tether… I have its Treasury Bonds. So I keep your Treasury Bonds, and you have a lot,” Lutnick said in a December 11 interview with CNBC. “They’re currently above $90 billion, so I’m a big fan of Tether,” he added.

This article has been translated from the original which first appeared in El Salvador