The headquarters will house Tether, Bitfinex and other companies to create an avant -garde ecosystem.
The Plan faces criticism for fiscal inequality and doubts about regulatory supervision.
Tether, the stablecoin tether (USDT) issuing company, actively reviews the designs of the 70 -story skyscrapers with which to dominate the horizon of San Salvador and consolidate the country as a financial and technological power, after moving its global headquarters to the Central American nation.
This ambitious project, backed by millionaire investments and tax incentives, advances with the review of its designas He pointed it out The company’s CEO, Paolo Ardoino. However, the initiative faces criticism and challenges that test the vision of Salvadoran President Nayib Bukele and the company behind USDT.
The project is part of A GOVERNMENT PLAN Broader that includes four other towers of more than 35 floors in San Salvador, Santa Tecla and Zona Rosa, with a total investment of 500 million dollars for two of them.
Tether’s plan is not subtle since seeks to erect the highest building in San Salvadorthe capital of the country, far exceeding any existing structure and becoming an architectural icon.
An investment of hundreds of millions of dollars is estimated, although the exact figure has not been revealed. And what will be supported by a law approved in September 2024 that exempts the Income Tax project (30%) and VAT (5%), a direct benefit designed to attract mega constructions.
The headquarters will not only house the central offices of Tether and its subsidiaries (such as the Bitfinex cryptocurrency exchange), but will work as a magnet to attract other technology companies, creating a avant -garde ecosystem, as They revealed it local media.
Behind the construction there is a strategy to redefine the economic future of the country. This is because Tether officially transfers its headquarters from the British Virgin Islands, consolidating its commitment after obtaining a license to operate as a supplier of digital asset services in January 2025, as Cryptonotics reported in January.
Ardoino personally leads the initiative, describing El Salvador as “the country of the future” and highlighting its regulatory stability and security as key factors that transform into an attractive destination.
The company plans to double its workforce by mid -2025, focusing on hiring local talent for roles in artificial intelligence, financial technology and compliance, seeking to develop a specialized workforce.
However, the road is not exempt from obstacles and controversies, demonstrated in the fact that Ardoino himself discarded The first design in January, comparing it with humor with the architecture of “Gondor” of The Lord of the Rings, which forced the team to return to the work table.
Beyond that, local economists and businessmen They denounced That the massive tax incentives create unfair competition, benefiting a foreign giant while traditional businesses do not receive the same support.
Additionally, concerns about the credit reputation of El Salvador persist, which could limit future investments, and the lack of strict regulatory supervision, since Tether’s compliance officers are not obliged to reside in the country.
In any case, although the project is still in initial stages, and few concrete details, it represents a significant commitment to Tether and the Salvadoran government for economic development through cryptocurrency innovation.
