Stablecoin issuer Tether is halting its Bitcoin mining operations in Uruguay.
The agency, which points USDT, the third largest cryptocurrency by market capitalization, mentioned it made the choice to depart the South American nation resulting from excessive power prices.
Native media reported that El Salvador-based Tether had confirmed to Uruguay’s Ministry of Labor and Social Safety that it was shedding 30 of its 38 staff within the nation. The agency additionally confirmed the exit to Cointelegraph.
Tether didn’t instantly reply to Decrypt‘s questions.
Again in September, native media reported that Tether—which in October reported $10 billion in revenue for the primary three quarters of 2025—was in a dispute with Uruguay’s government-owned energy firm UTE over a $5 million debt.
Tether points USDT—the most-traded digital coin within the crypto world, and the third-biggest digital asset with a $184.4 billion market cap.
The token is dubbed a digital greenback: It’s backed by reserves, in accordance with Tether, that preserve it at a 1:1 par with the US greenback. Cantor Fitzgerald, beforehand headed up by U.S. Commerce Secretary Howard Lutnick’s, presently custodies billions of {dollars} in property that again Tether.
Merchants within the crypto world can use USDT to shortly enter and exit digital transactions like Bitcoin buys.
However Tether additionally desires to be the world’s largest Bitcoin miner, in accordance with its CEO Paolo Ardoino.
South American nations have been eyed up by Bitcoin miners resulting from their low-cost power. The crypto mining trade requires large knowledge facilities full of costly computer systems that use massive quantities of electrical energy to course of transactions on the blockchain and mint new tokens.
Tether is making additional inroads into Latin America after relocating to Bitcoin-friendly El Salvador in January. The corporate purchased a majority stake in South American agricultural agency Adecoagro in March.
