According to CoinMeta, and as reported by the Financial Times, stablecoin issuer Tether sought to establish a legal entity in Switzerland in 2024 but was ultimately unable to do so. The mayor of Lugano, Switzerland, Michele Foletti, stated that the reason was related to Switzerland's adoption of the OECD global lowest-tax regime, and the executives of Tether were unwilling to bear the associated tax burdens. Additionally, FT cited two informed sources who said that although Tether does not have a legal entity in Switzerland, it sells its services through a local technical consulting company, UBQ Services. Corporate registration records show that the chief operating officer of Tether, Claudia Lagorio, also serves as a member of the board of directors of UBQ. Neither Tether nor UBQ responded to requests for comment.