ChainCatcher message: Stablecoin issuer Tether entered Uruguay in May 2023, planning to conduct sustainable Bitcoin mining with local licensed companies and invest in energy production. The project has two mining sites in the state of Florida, with estimated investments of USD 60 million each, for a total of about USD 120 million.

Uruguay’s state power utility UTE and Tether disagreed over the contracted power supply quota. In May 2025, Tether’s Uruguayan entity Microfin stopped paying electricity bills and notified in June that it planned to terminate the contract. On July 25, UTE cut off power to the mining sites. Microfin owed nearly USD 5 million, with monthly electricity bills of about USD 2 million.

Tether notified the Uruguayan labor department on November 25, 2025, to cease operations, and of the 38 local positions, 30 were canceled. UTE stated that Microfin settled the outstanding debts in December; in 2025, 98% of Uruguay’s power generation came from renewable energy.