Tether denies reports it ditched $500M crypto project in Uruguay

Tether said reports that it has exited Uruguay “do not accurately reflect the situation” and the local mining operator is working with the government to “resolve friction.”

Stablecoin issuer Tether has denied widespread local media reports that it is exiting Uruguay over a $4.8 million debt dispute with one of the country’s state-owned electricity entities.

According to local news source Telemundo, Tether abandoned its crypto mining operations and future plans after the National Administration of Power Plants and Electric Transmissions (UTE) unplugged power at its facilities for failing to pay a $2 million electricity bill for May.

It also reported that Tether also owed around $2.8 million for other local projects, bringing its total liabilities to roughly $4.8 million, excluding fines and surcharges, Telemundo said on Saturday, citing fellow local news outlet Busqueda, which first reported the news two days earlier.

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