Citing 36 Crypto, Tether has terminated its $500 million data center and renewable energy project in Uruguay after failed negotiations with state utility UTE over energy tariffs. The firm has laid off 30 of 38 local employees and cited rising electricity costs and an unfeasible financial model as reasons for the withdrawal. The project, which included three data centers and a 300 MW renewable energy park, had already seen $100 million in initial investments. Tether also faces scrutiny over S&P’s weak rating for USDT, citing Bitcoin holdings exceeding its equity buffer.
Tether Abandons $500M Uruguay Data Center Project Amid Energy Tariff Dispute
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