TechFlow news, November 25 — According to El Observador, Tether has informed Uruguay's Ministry of Labor and Social Security that it will cease operations in the country and lay off 30 employees (out of a total workforce of 38). The decision was confirmed during a meeting held on Tuesday at the National Labor Directorate.
Tether previously planned to invest $500 million in Uruguay, including building three data processing centers in Florida and Tacuarembó departments. The company has already executed over $100 million in investments, with an additional $50 million allocated for infrastructure development.
The company stated that due to Uruguay's high energy costs and lack of a competitive electricity pricing framework, the project is no longer economically viable under current conditions. Tether has repeatedly requested a more competitive electricity pricing scheme since November 2023 but failed to reach an agreement.
