Tether denies reports of withdrawal from mining operations in Uruguay

The issuer of the world's largest stablecoin (a virtual asset whose value is linked to fiat currency), Tether, denied local reports that it had halted a $500 million virtual asset (cryptocurrency) mining operation in Uruguay.

On the 22nd (local time), Tether told crypto news outlet Cointelegraph, "We are reviewing operations in Uruguay and the Latin American region," and said, "The withdrawal reports are not true."

Earlier, Uruguayan local media Telemundo reported that Tether had failed to pay about $2 million in May electricity bills to the state power company UTE and had its mining facility's power cut. The outlet said Tether's total outstanding amount was $4.8 million.

Regarding this, Tether emphasized, "The local operator is discussing unresolved issues with the government," and "Our long-term commitment to seeking sustainable opportunities remains unchanged."