01:21
Tether has confirmed to the Ministry of Labor of Uruguay that it will cease operations locally.
Tether Holdings Ltd. announced that it will cease operations in Uruguay, laying off 30 employees due to the project's current economic infeasibility. The company had planned to invest $500 million in building data centers and renewable energy facilities, and has already invested over $100 million. However, due to high transmission costs, Tether hopes to amend its power procurement contracts to drop operational costs.
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