Latam Insights: Inside Tether’s $20M Bet on Brazil, Operation Veil of Maya, and the Stablecoin Hold 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 $10 million, Brazilian police attack an. . .
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 $10 million, Brazilian police attack an illegal crypto betting ring, and the 24-hour hold period for stablecoin transactions is contested in Brazil. Key TakeawaysTether invested $20M in Mercado Bitcoin, accelerating tokenized asset growth and payment tech across Latam. Brazil’s police raided 87 shell companies in Operation Veil of Maya, cracking down on crypto money laundering. ABcripto opposed a proposed 24-hour stablecoin lock, warning it will disrupt fast, regulated transactions. Tether Expands Its Footprint in Latin America With a $20 Million Investment in Mercado BitcoinLatam markets and the companies regulated to serve them are attracting the attention of global companies seeking to establish an institutional foothold in the region. Tether, the globalstablecoincompany,discloseda $20 million investment in MercadoBitcoin, a Brazilian financial services company, as part of a strategic growth financing round that also included SoftBank. With these funds, MercadoBitcoinwill bankroll expansion improvements in its payments infrastructure, tokenized investment offerings, and on-chain capital markets, aiming to establish a foothold in other countries in the region. The company, which has over 4. 5 million customers and operates in Brazil and Europe, was qualified by Tether as “one of the most comprehensive regulated on-chain financial platforms in Latin America,” and is part of a series of similar investments in payments and infrastructure companies that Tether is backing in the region. Operation Veil of Maya: Brazilian Police Dismantle Massive Illegal Betting and Crypto Money Laundering RingOn Monday, the Brazilian Federal PoliceexecutedOperation “Veil of Maya,” cracking down on an illegal betting ring that used shell companies to launder and redirect funds to these activities using fiat and digital currency. The operation was codenamed “Veil of Maya” as it represents a facade that impedes the appreciation of reality, meaning that these shell companies presented objectives that hid their true purposes. According to the Federal Police, 87 companies weretargetedin this operation, but official numbers on their volumes have not been revealed. The specific use ofcryptoassets in the operations would be limited to the transference of funds abroad. Abcripto Blasts Central Bank of Brazil’s 24-Hour Stablecoin Lock as ‘Disproportionate’ABcripto, the Brazilian Cryptoeconomy Association, which groups industry giants such as Binance, Coinbase,Crypto. com, and Tether, hasintroduceda document opposing an earlier proposal by the central bank, which recommended a 24-hour lock window forstablecoinremittances. According to local media, in a letter sent to the Department of Financial Regulation (Denor), ABcripto agrees that regulatory groups must pursue fraudulent and illicit activity, but argues that this measure is disproportionate and must be preceded by more thorough research of the Braziliancryptocurrencymarket. As justification for this 24-hour lock on transactions exceeding $10,000, the bank cited a Chainalysiscryptocrime report, noting that illicit transaction volumes had reached a record high in 2025.