Tether Halts Operations in Uruguay Amid Energy Cost Crisis
Tether has abruptly terminated all operations in Uruguay, citing unsustainable energy costs and rigid tariffs as primary reasons. The stablecoin giant laid off 30 employees and abandoned over $100 million in planned investments, marking a dramatic reversal from its initial bullish stance on the country's digital asset potential.
The company's exit follows months of financial strain, with September rumors foreshadowing the collapse of its Uruguayan ambitions. Tether had positioned itself as a major player in Uruguay's crypto ecosystem before energy expenses eroded its economic viability.
This withdrawal represents a significant setback for Uruguay's crypto infrastructure development and raises questions about energy-intensive blockchain operations in emerging markets. The departure leaves a void in what was once considered a promising Latin American crypto hub.
