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Tether to Halt Operations in Uruguay Citing High Energy Costs and Workforce Reductions
11/27/2025, 01:36
11/27/2025, 02:06
AI SUMMARY
●• Tether confirms exit from Uruguay to the Ministry of Labor, citing high energy costs
●• 30 out of 38 local employees will be laid off as operations wind down
●• The decision follows earlier plans for significant investment which are now scrapped
Tether has informed Uruguay's Ministry of Labor and Social Security that it will cease its local operations and lay off over 30 employees. The company cited high energy costs and the lack of a competitive tariff framework as primary reasons for the exit. Previously, Tether had planned a substantial investment in the region, but shifting economic conditions have prompted this withdrawal.
According to recent confirmations, the exit involves a significant reduction in Tether's regional workforce. Specifically, 30 out of 38 local employees currently working in the country will be dismissed as the company winds down its presence.
[Update 1] Tether has officially confirmed the cessation of operations to the Uruguayan Ministry of Labor, specifying that 30 out of 38 employees will be laid off.