Tether had planned to establish a legal entity in Switzerland due to the global minimum tax failing to take effect.

on November 13, according to the Financial Times, stablecoin issuer Tether had attempted to establish a legal entity in Switzerland in 2024 but ultimately failed to follow through.

Michele Foletti, mayor of Lugano, Switzerland, stated that the primary reason was tied to Switzerland's implementation of the global minimum tax system promoted by the Organisation for Economic Co-operation and Development (OECD), with Tether executives unwilling to bear the associated tax costs.

Additionally, citing two sources familiar with the matter, the Financial Times reported that although Tether did not establish a legal entity in Switzerland, it continues to sell its services through the local technology consulting firm UBQ Services.