Key facts
- Tether invested $20 million in Argentine neobank Ualá.
- The investment was part of Ualá's $197 million funding round led by Allianz X.
- Ualá has over 11 million customers across Argentina, Mexico, and Colombia.
- Tether's investment is part of its expansion strategy in Latin America.
- Ualá's CEO confirmed Tether joined as a financial investor due to regulatory constraints.
Stablecoin issuer Tether has invested $20 million in Argentine neobank Ualá, a move that is part of the neobank's $197 million funding round led by Allianz X. Ualá, which serves over 11 million customers across Argentina, Mexico, and Colombia, confirmed Tether's participation as a financial investor, citing regulatory hurdles that prevent immediate integration of Tether's USDT stablecoin. This investment underscores Tether's ongoing strategy to expand its footprint in the Latin American fintech and digital asset landscape. The company has recently made similar investments in other regional firms, including payments wallet Belo and Brazilian crypto exchange Mercado Bitcoin. Tether funds these investments from its excess capital, having reported a profit of $1.04 billion in the first quarter.