Tether Denies Exiting Uruguay Amid $500M Mining Project Dispute

Tether has forcefully denied reports of abandoning its $500 million cryptocurrency mining venture in Uruguay. Local media alleged the stablecoin issuer halted operations after a $2 million electricity bill went unpaid to state-owned utility UTE, with additional debts bringing the total to $4.8 million.

The company maintains its commitment to the region, stating the outstanding payments don't signify withdrawal. "We continue to evaluate the best way forward in Uruguay and the region," Tether said, emphasizing ongoing negotiations between its local operator and authorities.

Rumors of Tether's exit gained traction after power was reportedly cut to mining facilities. The situation highlights the growing pains of large-scale crypto operations navigating local infrastructure and regulatory frameworks in emerging markets.