Key facts
- Tether has reportedly invested $20 million in Argentine neobank Ualá.
- The investment was part of Ualá's larger $197 million funding round.
- This move aligns with Tether's strategy to expand its presence in Latin America.
- Tether previously made significant investments in other Latin American crypto firms.
Stablecoin giant Tether has reportedly invested $20 million in the Argentine neobank Ualá, signaling a continued push into the Latin American financial technology sector. This investment was part of Ualá's $197 million equity funding round, which was announced in March and led by Allianz X. While Ualá had previously acknowledged Tether's participation, the specific investment amount was not disclosed at the time. Tether, the issuer of the world's largest stablecoin, USDT, has been actively increasing its presence in the region. Earlier in July, the company announced a $20 million investment in Brazilian crypto exchange Mercado Bitcoin to bolster its on-chain infrastructure across Latin America. In April, Tether also led a $14 million Series A funding round for the Argentine crypto platform Belo. Tether's USDT stablecoin currently holds a market capitalization of $184.4 billion.