Tether Holdings Ltd., one of the most significant players in the global digital asset ecosystem, confirmed to the Ministry of Labour and Social Security (MTSS) authorities that it had ceased operations in Uruguay and that 30 of its 38 employees had been fired.
After a meeting this Tuesday at the National Directorate of Labour (Dinatra) headquarters, sources inside the ministry verified this to El Observador.
Team wraps up in Uruguay
The country’s high energy prices and the absence of a competitive pricing system, which they believed did not adequately represent the size of their investment, were the reasons for the company’s decision, which was revealed in September by El Observador.
Also Read: Tether Donates $250,000 To OpenSats To Fund Bitcoin Public-Goods And Freedom-Tech
Since arriving in Uruguay, Tether has projected USD500 million in investments, including the building of a 300 MW Wind and Photovoltaic Generation Park and three Data Processing Centres with an expected demand of 165 MW in the departments of Florida and Tacuarembó.
Over USD100 million of that amount was completed, and an additional USD50 million was set aside for infrastructure that would eventually belong to UTE and the National Interconnected System.
The business cautioned that under the existing circumstances, it was no longer economically viable to continue its projects. The contractual approach and the 31.5 kV toll fees enforced in Florida raised operational expenses, despite Tether’s repeated demands, since November 2023, for a more competitive pricing plan.
Among the recommended options, the business considered switching to 150 kV tariffs and revising the power purchase agreement, a strategy that would have yielded economic gains for UTE and prevented superfluous development.
Tether Investments
In order to accelerate the adoption of USD₮ for institutional use cases and provide access to efficient, blockchain-based settlement throughout the region, Tether announced an investment in Parfin, a platform for digital asset custody, tokenisation, trading, and management throughout Latin America.
Additionally, Tether aims to earn an incredible $15 billion this year. The leading stablecoin issuer’s annual earnings forecasts were made public in October, sparking discussions among cryptocurrency fans.
Because of its remarkable profit target, Tether is positioned as a significant participant in both the traditional banking and digital asset markets. In an unexpected response to the general euphoria around the cryptocurrency space, ETF specialist Nate Geraci called the numbers “insane.”
As Tether continues to hit significant milestones in recent months, it has drawn increased interest from investors throughout the globe. A few days ago, Tether’s CEO declared that the firm has surpassed 500 million users worldwide, which is regarded as the biggest achievement in financial inclusion ever.