Tether, the company behind the world’s best-performing stablecoin, USDT, has announced its plans to kick-start a sustainable Bitcoin mining facility in Uruguay. The company made the information available in a statement released on its website on Tuesday.
Tether plans to collaborate with an undisclosed but licensed Uruguayan Bitcoin mining company. The company also announced its ongoing recruitment process aimed at augmenting Tether’s team by onboarding experts in the energy sector ahead of the project’s official launch.
Tether’s cryptocurrency, USDT, is one of the few stablecoins surviving the general decline in the stablecoin economy. With a market capitalization of over $83 million, it accounts for over 65% of the stablecoin market, up from 47% one year ago.
Uruguay picked for renewable energy strides
According to the statement, Tether deliberately chose Uruguay for the project due to the country’s emergence as a global leader in renewable energy. It pointed out that 94% of Uruguay’s energy generation is from renewable sources, with the top contributors being wind and solar.
The statement also hailed the country for its eco-friendly policies, including establishing wind energy facillities, hydropower projects, and solar parks, making the country’s 94% renewable energy generation milestone achievable.
Tether to focus on Bitcoin investments; aims to become ‘global tech leader’
Tether is primarily a finance company, but it’s looking to expand its reach to become a leader in the tech sector, hence its massive investments in non-USDT cryptocurrencies and global tech projects.
While the company already has large proportions of its assets in Bitcoin, it’s looking to buy more, revealing plans to dedicate a part of its profits to investing in the cryptocurrency. Tether is also reportedly exploring using Bitcoin for its stablecoin reserves.
The company’s Bitcoin holdings currently stand at a whopping $1.5 billion, a figure that will likely increase with time. Tether’s stake in this Uruguayan Bitcoin mining facility could also see the company dramatically accumulate large deposits of Bitcoin, quickly asserting its dream position as a tech leader globally.