LATAM crypto news: Nubank tests stablecoin; Tether halts $500M project

This week’s top stories in LATAM’s crypto scene include both expansion and retreat: Nubank, the region’s largest digital bank, has revealed plans to test stablecoin payments using credit cards, indicating a further integration of blockchain with traditional finance. Meanwhile, Tether announced that it is delaying a $500 million investment in Uruguay owing to rising energy costs, reshaping the country’s hopes to become a regional hub for crypto and renewable infrastructure.Nubank moves toward stablecoin paymentsNubank, Latin America’s largest digital bank, plans to integrate US dollar-pegged stablecoins into its credit card payment system. Roberto Campos Neto, the bank’s vice president and former governor of Brazil’s central bank, made the news at the Meridian 2025 event. He stressed blockchain’s importance in linking crypto assets and traditional banking, and stated that Nubank will begin testing credit card payments using stablecoins as part of this overall goal.The move comes as stablecoins gain ground in the region, fueled by excessive inflation and currency instability. Stablecoins already account for 90% of crypto activity in Brazil, while dollar-pegged assets such as USDT and USDC will account for more than 70% of crypto purchases in Argentina by 2024. Similar trends can be seen in Bolivia and Venezuela, where stablecoins are rapidly being utilised for routine transactions ranging from groceries to salaries, highlighting their growing importance as an alternative to volatile local currencies.Tether halts $500M project in UruguayTether said that it will halt operations in Uruguay after failing to get competitive electricity tariffs, despite having previously invested more than $100 million in the country. The company had planned three data centres and a 300 MW renewable energy park, but rising energy costs and disagreements with the state utility UTE rendered the project financially unfeasible. Monthly invoices reportedly totalled around $2 million, with debts exceeding $4.8 million before services were stopped in July.The withdrawal not only halts Tether’s $500 million investment plan but also jeopardises Uruguay’s ambitions to become a regional hub for digital infrastructure and renewable energy initiatives. According to experts, the country’s capacity to attract large-scale blockchain and data-processing investments is limited by the lack of a competitive tariff environment, particularly as neighbouring nations offer more advantageous conditions for crypto and energy-intensive projects.Bitget walletintegrates Brazil’s PIX to enable crypto payments in ReaisBitget Wallet, a non-custodial cryptocurrency wallet, has integrated PIX, Brazil’s quick payment system, allowing users to pay immediately using self-custodied cryptocurrencies like USDT and USDC by scanning PIX QR codes, according to a company press release sent to Invezz on Wednesday.The tool, developed in collaboration with local licensee Aeon, allows users to spend stablecoins on major blockchains such as BNB, Ethereum, Solana, Tron, Ton, and Base.Meanwhile, merchants continue to receive payments in Brazilian reais without issue, according to the business.The Central Bank of Brazil introduced PIX in 2020, and it has quickly become the country’s most popular retail payment option.According to the press release, the system is now integrated into daily life, with over 150 million people and numerous companies nationwide utilising it.In 2024 alone, PIX completed 64 billion transactions worth $4.6 trillion, a 53% rise over the previous year and 80% more than the number of credit and debit card payments.Bitget Wallet users who connect to PIX can now pay with cryptocurrencies at restaurants, shops, and in peer-to-peer transfers quickly, without the need for a bank account or intermediaries.The post LATAM crypto news: Nubank tests stablecoin; Tether halts $500M project appeared first on Invezz