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Tether confirms the cessation of operations in Uruguay and lays off 30 employees.
According to Deep Tide TechFlow news on November 25, Tether confirmed to the Ministry of Labor and Social Security of Uruguay that it will cease its business operations in Uruguay and lay off 30 employees (out of a total of 38). This decision was confirmed during a meeting held at the National Labor Directorate on Tuesday.
Tether previously planned to invest 500 million USD in Uruguay, including the construction of three data processing centers in Florida and Tacuarembó. The company has executed over 100 million USD in investments, with another 50 million USD allocated for infrastructure development.
The company stated that due to the high energy costs in Uruguay and the lack of a competitive electricity pricing framework, the project is no longer economically feasible under the current conditions. Tether has repeatedly requested more competitive electricity pricing solutions since November 2023, but has failed to reach an agreement.