Stablecoin Giant Tether to Shutter Uruguay Bitcoin Mining Operation
Summary
Tether, the issuer of the USDT stablecoin, is stopping its Bitcoin mining operations in Uruguay, citing high energy costs. As part of its exit, Tether is laying off 30 of its 38 Uruguay-based employees and has informed local authorities. The decision follows a reported dispute with Uruguay’s state-owned power company UTE over a $5 million debt. USDT is the third-largest cryptocurrency by market capitalization, designed to maintain a 1:1 peg with the US dollar and custodied in part by Cantor Fitzgerald. Tether, which wants to expand its Bitcoin mining activities globally, recently moved its main office to El Salvador and acquired a majority stake in South American agriculture firm Adecoagro.
