Tether involved in Bitcoin volcano mining in El Salvador, one billion US dollar Bitcoin bonds finally issued?

The first country in the world to adopt Bitcoin as legal tender, El Salvador, announced back in 2021 its plan to issue a $1 billion Bitcoin bond, kickstarting volcano mining and establishing a Bitcoin city to attract foreign investments. Through its years of collaboration with El Salvador via its cryptocurrency exchange Bitfinex, stablecoin issuer Tether formally announced yesterday its participation in the first round of investment. In addition to its mission to support and promote sustainable Bitcoin mining through renewable energy, Tether will provide funding and leverage its expertise in energy, hardware, and communication sectors to develop volcano energy.

Has the billion-dollar Bitcoin bond finally been issued?

Although El Salvador announced as early as 2021 that it would launch a $1 billion Bitcoin bond, it was delayed until January of this year to pass digital asset legislation, and in April, the first digital asset service provider license was issued to Bitfinex Securities El Salvador SA de CV. According to El Salvador's digital asset issuance law, Bitfinex will be able to tokenize innovative real-world assets such as stocks and bonds and facilitate issuance and secondary market trading. It now appears that the Bitcoin bond has been officially issued.

According to a statement from another participating company, Volcano Energy, El Salvador's public-private partners will invest $1 billion to create one of the world's largest Bitcoin mining facilities. The project is set to kick off with an initial funding of $250 million, with support from leaders in the Bitcoin industry collaborating with renewable energy developers.

The project is located in a small village in Metapán, northwest El Salvador, known for its excellent solar and wind resources, and will be developed into a renewable energy generation park with a capacity of 241 megawatts.

Tether CTO Paolo Ardoino stated:

As equity investors and advisors, we are excited to be among the pioneers of renewable energy in El Salvador. We look forward to working with Josue Lopez, CEO of Volcano Energy, and his team to make El Salvador a global force in renewable energy production. This investment continues Tether's journey to diversify its strategic ecosystem.

Tether, the stablecoin issuer, has recently been making moves and reaching new highs in market share. At the end of May, it announced its foray into Bitcoin mining, partnering with a licensed company in Uruguay to launch sustainable Bitcoin mining operations in South America. Now, with its move into El Salvador, it seems to be flush with cash and is deciding to diversify its business.