Tether is investing in renewable energy production inUruguay for the mining of Bitcoin in the South American country, the companyannounced on Tuesday. The issuer of USDT stablecoin is also recruiting expertsin the energy sector in the region as part of the plan.
The announcement followsTether’srelease of its financial reportswhere the company disclosed that it had$1.5 billion worth of Bitcoins as part of its USDT reserves.Additionally, the company said it was committing to use 15% of its net profits toaccumulate more BTCs to back the stablecoin.
Stablecoins hasgained importance in the cryptocurrency industry for facilitating the buyingand selling of digital assets. This factor has driven the value of USDT to amarket capitalization of more than $83 billion, according to CoinMarketCap.
Why Uruguay?
Uruguay is one of theleading destinations for renewable energy, with up to 94% of its energyproduced from renewable resources, including wind and solar power. Tether seeksto take advantage of the country’s robust wind, hydro, and solar energyresources.
“By harnessing the powerof Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading theway in sustainable and responsible Bitcoin mining,” Tether Chief TechnologyOfficer Paolo Ardoino said, adding that “our unwavering commitment to renewableenergy ensures that every BTC we mine leaves a minimal ecological footprint.”
USDT Circulations on the Rise
Incorporated in the British Virgin Islands and Hong Kong,Tether’s efforts to remain ahead of the other stablecoins in the market wereboosted by the recentbanking crisis in the US because of its disconnection to the banks in the region. Moreover, Tetherreported that the company held $2.44 billion in extra reserves for the threemonths between January and March, representing an increase of up to 20% in the circulating USDT.
However,Tether’s growth has not been without challenges. The company has been accusedof not maintaining adequate reserves to back USDT. In 2021, Tether and cryptoexchange Bitfinex were fineda civil monetary penalty of $42.5 million for providing misleading statements about USDTbacking by the US dollar.
Huobi HK launches; US approves Eurex BTC Futures; read today’s nuggets.
Tether is investing in renewable energy production inUruguay for the mining of Bitcoin in the South American country, the companyannounced on Tuesday. The issuer of USDT stablecoin is also recruiting expertsin the energy sector in the region as part of the plan.
The announcement followsTether’srelease of its financial reportswhere the company disclosed that it had$1.5 billion worth of Bitcoins as part of its USDT reserves.Additionally, the company said it was committing to use 15% of its net profits toaccumulate more BTCs to back the stablecoin.
Stablecoins hasgained importance in the cryptocurrency industry for facilitating the buyingand selling of digital assets. This factor has driven the value of USDT to amarket capitalization of more than $83 billion, according to CoinMarketCap.
Why Uruguay?
Uruguay is one of theleading destinations for renewable energy, with up to 94% of its energyproduced from renewable resources, including wind and solar power. Tether seeksto take advantage of the country’s robust wind, hydro, and solar energyresources.
“By harnessing the powerof Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading theway in sustainable and responsible Bitcoin mining,” Tether Chief TechnologyOfficer Paolo Ardoino said, adding that “our unwavering commitment to renewableenergy ensures that every BTC we mine leaves a minimal ecological footprint.”
USDT Circulations on the Rise
Incorporated in the British Virgin Islands and Hong Kong,Tether’s efforts to remain ahead of the other stablecoins in the market wereboosted by the recentbanking crisis in the US because of its disconnection to the banks in the region. Moreover, Tetherreported that the company held $2.44 billion in extra reserves for the threemonths between January and March, representing an increase of up to 20% in the circulating USDT.
However,Tether’s growth has not been without challenges. The company has been accusedof not maintaining adequate reserves to back USDT. In 2021, Tether and cryptoexchange Bitfinex were fineda civil monetary penalty of $42.5 million for providing misleading statements about USDTbacking by the US dollar.
Huobi HK launches; US approves Eurex BTC Futures; read today’s nuggets.
