Latam Insights: Inside Tether’s $20M Bet on Brazil, Operation Veil of Maya, and the Stablecoin Hold Dispute

Tether Expands Its Footprint in Latin America With a $20 Million Investment in Mercado Bitcoin

Latam 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 global stablecoin company, disclosed a $20 million investment in Mercado Bitcoin, a Brazilian financial services company, as part of a strategic growth financing round that also included SoftBank.

With these funds, Mercado Bitcoin will 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 Ring

On Monday, the Brazilian Federal Police executed Operation “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 were targeted in this operation, but official numbers on their volumes have not been revealed. The specific use of crypto assets 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, has introduced a document opposing an earlier proposal by the central bank, which recommended a 24-hour lock window for stablecoin remittances.

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 Brazilian cryptocurrency market.

As justification for this 24-hour lock on transactions exceeding $10,000, the bank cited a Chainalysis crypto crime report, noting that illicit transaction volumes had reached a record high in 2025.