Stablecoin issuer Tether has entered the bitcoin mining business and will now begin operations in Uruguay.
Tether partnered an unnamed "local licensed company," Paolo Ardoino, CTO of Tether, said in an announcement.
The news comes shortly after Tether said earlier this month that it will invest up to 15% of its profits in bitcoin on a regular basis to strengthen its reserves.
Tether is hiring for various roles in its new energy and bitcoin mining venture. Tether has plans to expand its bitcoin mining operations to other countries.
Tether is the largest stablecoin issuer in the world. Its USDT stablecoin has a total supply of over 83 billion tokens.