Tether Invests $20 Million in Argentina’s Ualá, Accelerating Latin America Push
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Tether, the issuer of the USDT dollar-pegged stablecoin, has invested $20 million in Argentine digital bank Ualá.
Bloomberg reported on July 15 that Tether recently made the investment as part of Ualá’s $197 million funding round announced in March. Ualá plans to use the capital to accelerate growth in its existing markets, including Argentina, Mexico and Colombia.
Tether joined the round as a financial investor. Ualá Chief Executive Officer Pierpaolo Barbieri told Bloomberg that the company does not plan to integrate Tether into its platform under current regulations in Argentina and Mexico. Tether participated purely as a financial investor.
The investment is part of 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 investments, including by acquiring control of South American agricultural company Adecoagro last year.
Tether Chief Executive Officer Paolo Ardoino said Ualá’s growth highlights strong demand across Latin America for accessible and efficient financial services. Tether will continue investing in companies that support that kind of financial innovation, he added.
