Tether is investing in renewable energy generation in Uruguay for Bitcoin mining in the South American country, the company announced on Tuesday. Stablecoin issuer USDT is also recruiting energy industry experts from the region as part of the plan.
The announcement follows Tether’s release of its financial reports, in which the company disclosed that it held $1.5 billion worth of Bitcoin as part of its USDT reserves. Additionally, the company said it is committed to using 15% of its net profits to accumulate more BTC to support the stablecoin.
Stablecoins have gained prominence in the cryptocurrency industry to facilitate the buying and selling of digital assets. This factor has driven the value of USDT to a market cap of over $83 billion, according to CoinMarketCap.
Uruguay is one of the top destinations for renewable energy, with up to 94% of its energy produced from renewable resources, including wind and solar power. Tether seeks to take advantage of the country’s strong wind, hydro and solar energy resources.
“By harnessing the power of Bitcoin and the renewable energy capabilities of Uruguay, Tether is paving the way for sustainable and responsible mining of Bitcoin,” said Paolo Ardoino, Chief Technology Officer of Tether, adding that “ our unwavering commitment to renewable energy 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 stay ahead of other stablecoins in the market have been spurred by the recent banking crisis in the United States due to its disconnect with banks in the region. Additionally, Tether reported that the company held $2.44 billion in additional reserves for the three months between January and March, representing an increase of up to 20% in USDT in circulation.
However, Tether’s growth has not been without its challenges. The company has been accused of not maintaining sufficient reserves to support USDT. In 2021, Tether and crypto exchange Bitfinex were fined $42.5 million in civil penalties for providing misleading statements about USDT’s support for the US dollar.
Launched Huobi HK; US Approves Eurex BTC Futures; read today’s nuggets.
Tether is investing in renewable energy generation in Uruguay for Bitcoin mining in the South American country, the company announced on Tuesday. Stablecoin issuer USDT is also recruiting energy industry experts from the region as part of the plan.
The announcement follows Tether’s release of its financial reports, in which the company disclosed that it held $1.5 billion worth of Bitcoin as part of its USDT reserves. Additionally, the company said it is committed to using 15% of its net profits to accumulate more BTC to support the stablecoin.
Stablecoins have gained prominence in the cryptocurrency industry to facilitate the buying and selling of digital assets. This factor has driven the value of USDT to a market cap of over $83 billion, according to CoinMarketCap.
Uruguay is one of the top destinations for renewable energy, with up to 94% of its energy produced from renewable resources, including wind and solar power. Tether seeks to take advantage of the country’s strong wind, hydro and solar energy resources.
“By harnessing the power of Bitcoin and the renewable energy capabilities of Uruguay, Tether is paving the way for sustainable and responsible mining of Bitcoin,” said Paolo Ardoino, Chief Technology Officer of Tether, adding that “ our unwavering commitment to renewable energy 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 stay ahead of other stablecoins in the market have been spurred by the recent banking crisis in the United States due to its disconnect with banks in the region. Additionally, Tether reported that the company held $2.44 billion in additional reserves for the three months between January and March, representing an increase of up to 20% in USDT in circulation.
However, Tether’s growth has not been without its challenges. The company has been accused of not maintaining sufficient reserves to support USDT. In 2021, Tether and crypto exchange Bitfinex were fined $42.5 million in civil penalties for providing misleading statements about USDT’s support for the US dollar.
Launched Huobi HK; US Approves Eurex BTC Futures; read today’s nuggets.