According to the Financial Times, stablecoin issuer Tether sought to establish a legal entity in Switzerland in 2024, but ultimately failed to do so. Michele Foletti, the mayor of Lugano, Switzerland, stated that the reason was related to Switzerland's adoption of the OECD's lowest global tax regime, with Tether executives unwilling to bear the associated tax burden. Furthermore, the FT, citing two sources familiar with the matter, reported that although Tether does not have a legal entity in Switzerland, it sells its services through the local technology consulting firm UBQ Services. Business registration records show that Tether's Chief Operating Officer, Claudia Lagorio, also serves on the UBQ board. Neither Tether nor UBQ responded to requests for comment. https://wublock123.com/news/news-71890