[Tether Abandons Establishing Legal Entity in Switzerland Due to Lowest Global Tax System] Stablecoin issuer Tether sought to establish a legal entity in Switzerland in 2024, but ultimately failed to do so. Lugano Mayor Michele Foletti stated that the main reason was related to Switzerland's implementation of the OECD-promoted lowest global tax system, and Tether executives were unwilling to bear the associated tax costs. Tether does not have a legal entity in Switzerland, but continues to sell its services through the local technology consulting firm UBQ Services. (Source: Financial Times)