Tether clarified that it has not withdrawn from Uruguay, stating its local partner is negotiating with the government over outstanding debts while the company evaluates future regional plans.
Tether denied reports that it exited its Uruguay crypto mining project due to a $4.8 million debt dispute with state-owned utility UTE. Media coverage had suggested UTE cut power following a $2 million unpaid bill and cited additional debts of $2.8 million. Tether confirmed the payment issues exist but emphasized that its local operator is negotiating with the government to resolve them. The company added it is still assessing the best path for operations in Uruguay and the broader region.