Tether Denies Exit Reports
Tether, the issuer of the world’s largest stablecoin USDT, has denied reports claiming it was preparing to exit Uruguay. Local outlets suggested the company was winding down operations after stalled negotiations with UTE, the state-owned power provider.
In a statement to Criptonoticias, Tether clarified that it remains engaged in discussions and is still evaluating how best to continue its operations in Uruguay. The company emphasized that its long-term vision for Latin America remains intact.
Mining Operations and Energy Strategy
Since 2023, Tether has been negotiating with UTE to secure more favorable energy tariffs for its green-powered crypto mining operations. At the time, the company warned that failure to reach an agreement could force it to rethink its strategy.
However, Tether insists that it is not abandoning its projects. Instead, it is assessing new pathways to expand its renewable energy-based mining initiatives across the region, underscoring its focus on sustainability and long-term investment.
Investment Commitments in Uruguay
Tether had previously outlined plans to invest up to $500 million in Uruguay, with $100 million already executed toward mining infrastructure. These investments highlight the company’s confidence in the country’s potential as a hub for crypto-powered renewable energy projects.
Despite temporary operational challenges, Tether maintains that Uruguay remains a strategic location in its broader Latin American expansion plan.
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Addressing Debt Allegations
Local reports also suggested that Tether owed UTE approximately $4.8 million following power supply disruptions. According to these reports, the deposit provided for the operation of mining sites had been depleted.
Tether rejected these claims, stating the deposit had already covered the obligations in full. “There is no such thing as a company leaving and leaving a debt with the state,” a spokesperson affirmed.
Looking Ahead in Latin America
Beyond Uruguay, Tether reiterated its commitment to expanding renewable-energy-driven mining initiatives across Latin America. The company said it continues to evaluate new opportunities that align with its vision of combining blockchain with sustainable energy development.
As the negotiations in Uruguay continue, the outcome may set an important precedent for how crypto mining firms collaborate with state-owned utilities in Latin America.
