Latam Insights: Tether’s $20M Brazil Bet, Veil of Maya Raid, Stablecoin Lock Dispute
Welcome to Latam Insights, a compilation of the most relevant crypto news from Latin America over the past week. In this edition, Tether backs Mercado Bitcoin with $20 million, Brazilian police crack down on crypto money laundering, and a stablecoin hold period is contested.
Tether Invests $20 Million in Mercado Bitcoin
Tether, the global stablecoin company, disclosed a $20 million investment in Mercado Bitcoin, a Brazilian financial services company, as part of a strategic growth financing round also involving SoftBank. With these funds, Mercado Bitcoin plans to expand payments infrastructure, tokenized investment offerings, and on-chain capital markets, aiming to establish a foothold in other Latin American countries. The company, which has over 4.5 million customers operating in Brazil and Europe, was described by Tether as one of the most comprehensive regulated on-chain financial platforms in the region. This investment is part of a series of similar moves in payments and infrastructure companies in Latin America.
Operation Veil of Maya: Crackdown on Illegal Betting Ring
On Monday, the Brazilian Federal Police executed Operation Veil of Maya, targeting an illegal betting ring that used shell companies to launder money using both fiat and digital currencies. The operation’s name symbolizes a facade hiding true purposes. Police targeted 87 shell companies, though official transaction volumes were not disclosed. The use of crypto assets was reportedly limited to transferring funds abroad.
ABcripto Opposes 24-Hour Stablecoin Lock
ABcripto, the Brazilian Cryptoeconomy Association representing Binance, Coinbase, Crypto.com, and Tether, submitted a document opposing the central bank’s proposal for a 24-hour lock on stablecoin remittances exceeding $10,000. In a letter to the Department of Financial Regulation, ABcripto acknowledged the need to combat fraud but argued the measure is disproportionate and requires more thorough research of the Brazilian crypto market. The central bank cited a Chainalysis report on record illicit transaction volumes in 2025 as justification.