Venezuela's government this week upheld its ban on cryptocurrency mining, citing surging power demand and strain on the national grid. In Brazil, Tether filed a $300 million lawsuit against Titan Holding, escalating a legal battle that has drawn attention from regional regulators. Meanwhile, new data from Peru shows stablecoins now account for the majority of crypto trading volume in the country, reflecting a shift toward dollar-pegged assets across Latin America.
Venezuela's power-driven mining ban
Caracas isn't backing down. The country's mining ban, first imposed earlier this year, remains in force as electricity consumption hits new highs. Officials argue that illegal mining operations — many tied to Bitcoin and other proof-of-work coins — suck up subsidized power meant for homes and businesses. The decision comes amid rolling blackouts in several states and a broader energy crisis that has already forced the government to cut industrial power quotas. Miners who continue operating face equipment seizures and potential criminal charges, though enforcement has been uneven.
Tether's $300M legal push
In Brazil, Tether has taken legal action against Titan Holding, alleging breach of contract and seeking $300 million in damages. The lawsuit, filed in a São Paulo commercial court, stems from a dispute over stablecoin reserves and custody arrangements. Neither Tether nor Titan Holding has released a public statement, but court documents outline claims that Titan failed to deliver collateral backing a large USDT issuance. The case is one of the largest crypto-related lawsuits in Latin America and could set a precedent for how stablecoin issuers enforce agreements regionally. No hearing date has been set.
Stablecoins take over Peru's crypto market
Peru's crypto landscape looks different than it did a year ago. Local exchanges report that stablecoins — primarily USDT and USDC — now make up more than 60% of trading volume, up from roughly a third in early 2025. The trend mirrors broader Latin American adoption of dollar-pegged tokens as a hedge against local currency volatility. Peru's sol has been relatively stable, but users are still flocking to stablecoins for cross-border payments and savings. The central bank has not commented on the data, and regulators have yet to propose specific stablecoin rules, leaving the market largely self-regulated.
