Tether has refuted claims of exiting Uruguay due to a $4.8 million debt controversy with state-owned electricity company UTE. Local reports suggested that Tether had ceased its crypto mining operations after UTE cut power over an unpaid $2 million electric bill. Tether acknowledged the debt but clarified that it is still evaluating its future in Uruguay and is in talks with the local mining operator to find a resolution. The company emphasized its commitment to sustainable opportunities in the region despite high electricity costs in Uruguay, which hinder energy-intensive operations like crypto mining. Tether was previously planning a significant investment of approximately $500 million in the region. The challenges faced by Tether mirror concerns raised by other crypto miners about Uruguay’s high electricity prices compared to neighboring countries, leading some, like Vici Mining, to relocate operations to Paraguay. Tether's ongoing discussions with UTE include negotiating potential reductions in electricity rates, though no comments have been made on specific requests. As Tether remains in the region, it is also witnessing an increase in stablecoin adoption across Latin America.

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