Tether sues Titan in Brazil to recover $300M

Tether Investments filed a lawsuit in São Paulo to recover a $300 million loan made to Titan Holding, part of the Master conglomerate. The company asked the court to block financial assets tied to the group after owner Daniel Vorcaro’s arrest and the liquidation of Banco Master.

The suit says the loan was issued in March 2025 and was due on March 28, 2026. Tether reports it has not received repayment and asked the court to freeze funds in bank accounts, investment products and other financial holdings linked to Titan, Master Holding and Master Participações while the claim is decided.

Vorcaro was arrested this week. Brazil’s central bank placed Banco Master into liquidation in November after it identified about a $2.2 billion shortfall in the bank’s reserves. The bank’s collapse affected more than one million customers and has prompted multiple creditor claims and regulatory inquiries.

Tether told Brazilian regulators the loan came from its loan portfolio and was not used to back USDT stablecoin issuance. In public attestations the company reports secured loans make up 8.25% of its reserves, about $15.8 billion, and describes those loans as over-collateralized and subject to margin calls and liquidation mechanisms.

Industry observers have documented Tether’s large lending activity. In December 2025 Alex Thorn, head of firmwide research at Galaxy, described Tether as the largest centralized finance lender in crypto with a loan book exceeding $14 billion.

The São Paulo court will consider Tether’s request alongside other creditor petitions tied to the Master group’s liquidation. The case names Titan, Master Holding and Master Participações as defendants.