Tether’s Uruguayan Gambit: A Crypto Opera

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In the dim corridors where power meters blink like wary eyes, local reports whispered that the company would slip away from Uruguay. Tether, wearing a grin that could fool a clairvoyant, denied the rumor, saying it remains in talks to keep its mining operations alive. The firm, a player in green energy and cryptocurrency mining, insists the script is still being written across Uruguay and the wider Latin American stage.

Tether Is Not Leaving Uruguay, Continues Negotiations With State-Owned Power Company

Tether, the sorcerer behind the issuance of USDT, has recently clarified its stance in Uruguay, where the rumor mill claimed an exit. The company, tangled in green energy and crypto mining, swears it will not abandon these projects, explaining that the plot is still developing-like a novel that refuses a clean ending.

Local press murmured that the company considered exiting Uruguay as negotiations for gentler power tariffs with UTE dragged their feet since last year. The bargaining began in 2023, when warnings were whispered of the consequences of failing to seal a deal, a scene that could sour a mint in a single afternoon.

“The failure to reach an agreement forces us to rethink our strategy,” Tether declared at the time, hinting at a wind-down of operations that would make even a wind turbine roll its eyes. 😅

Nevertheless, Tether recently signaled that this is not the finale, stressing that it is weighing how to continue operating in Uruguay. Tether told Criptonoticias that:

Tether is committed to developing long-term initiatives in Latin America, especially those leveraging renewable energy. We continue to evaluate the best path forward in Uruguay and the broader region.

Addressing local reports of a hypothetical exit, the company noted that those reports did not “accurately reflect the situation.”

Tether had been projecting investments of $500 million in several mining sites in Uruguay, and has already executed $100 million. The company has experienced power cuts in the country, as it reportedly owes UTE close to $4.8 million since July, when the deposited funds for operating the mining sites were spent.

Nevertheless, a company spokesperson denied these allegations, explaining that the deposit covered these debts. “There is no such thing as a company leaving and leaving a debt with the state,” he stressed, with the calm of a man who knows the joke and the punchline both. 😂

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2025-09-26 15:09