PANews reported on January 13 that according to El Faro, Tether executives, including Chief Financial Officer Giancarlo Devasini, CEO Paolo Ardoino and Chief Operating Officer Claudia Lagorio, are investing heavily in high-end real estate in El Salvador and obtaining citizenship of the country.

On July 31, 2024, Ardoino and Lagorio purchased two plots of land worth $1.7 million in the Condominio Villanueva Golf and Country Club (El Encanto). Devasini and Bitcoin artist Valentina Picozz jointly purchased a $2 million property on Tecana Street in San Salvador. In addition, Devasini owns 15 companies in El Salvador, 11 of which were registered in the World Trade Center of San Salvador last year, and some of them participated in the purchase of downtown real estate.

Tether and its affiliate Bitfinex have close ties with El Salvador, with Bitfinex derivatives services relocated to the country while helping its government manage its Bitcoin reserves. In addition, Tether has hired a lobbying firm close to Salvadoran President Bukele to strengthen ties with the United States. With the adoption of Bitcoin, the price of land in El Zonte, El Salvador, has risen by more than 130% since the passage of the BTC bill in 2021.