Tether Exits Uruguay and Scraps $500M Mining Hub After Tariff Talks Collapse

• The Exit: Tether is shutting down its Uruguay operations and laying off 30 employees due to high energy costs.
• The Dispute: The state utility refused Tether’s request to switch to a cheaper 150 kV transmission rate.
• The Cost: Tether is walking away from a planned $500M investment, having already spent over $100M.

Tether, the issuer of the world’s largest stablecoin, has confirmed it will terminate its operations in Uruguay and liquidate its local workforce. The decision follows a breakdown in negotiations with the state-owned utility UTE regarding energy tariffs, forcing the company to abandon a planned $500 million infrastructure investment.

The Economics of the Exit: The withdrawal involves the immediate dismissal of 30 of Tether’s 38 local employees. The Ministry of Labor and Social Security (MTSS) confirmed the layoffs following a Tuesday meeting at the Nat…

Read The Full Article Tether Exits Uruguay and Scraps $500M Mining Hub After Tariff Talks Collapse On Coin Edition.