Tether Invests $20 Million in Argentina’s Ualá, Steps Up Latin America Push

Tether, the issuer of the USDT dollar-backed stablecoin, has invested $20 million in Argentine digital bank Ualá.

Bloomberg reported on July 15 that the investment was part of Ualá’s $197 million funding round announced in March. Ualá plans to use the proceeds to accelerate growth in its existing markets of Argentina, Mexico and Colombia.

Tether joined the round as a financial investor. Ualá Chief Executive Officer Pierpaolo Barbieri told Bloomberg that current regulations in Argentina and Mexico mean the company does not plan to integrate Tether into Ualá. He added that Tether participated purely as a financial investor.

The investment underscores Tether’s broader push into Latin America. In April, Tether led the Series A funding round for Argentine crypto platform Belo. Earlier this month, it also invested $18 million in Brazilian crypto exchange Mercado Bitcoin. Bloomberg reported that Tether has also expanded beyond crypto, including by acquiring control of South American agricultural company Adecoagro last year.

Tether Chief Executive Officer Paolo Ardoino said Ualá’s growth reflects strong demand across Latin America for accessible and efficient financial services. He said Tether will continue investing in companies that support that kind of financial innovation.