Tether has invested $20 million in the Argentine neobank Ualá as part of a larger funding round. The deal marks another step in the stablecoin issuer's expansion across Latin America.
Leading stablecoin issuer Tether invested $20 million in Ualá, taking an equity stake in the financial platform. Ualá serves more than 11 million customers across Argentina, Mexico and Colombia with accounts, cards, lending and investments.
The investment formed part of Ualá’s $197 million funding round announced in March and led by Allianz X at a $3.2 billion post-money valuation. Ualá CEO Pierpaolo Barbieri stated that Tether joined solely as a financial investor because regulations in Argentina and Mexico prevent any immediate integration of USDT.
This transaction follows Tether’s other recent moves in the region. The company led a $14 million round for payments wallet Belo in April, controls 70 percent of agricultural producer Adecoagro and invested $20 million earlier this month in Brazilian crypto exchange Mercado Bitcoin.
