Tether invests $20 million in Argentine neobank Ualá as it expands Latin America push
CoinDesk 2026-07-16 10:12:05
Context: Tether, a leading stablecoin issuer, has invested $20 million in Ualá, an Argentine neobank with over 11 million customers across Argentina, Mexico, and Colombia, as part of the company's $197 million funding round. This investment marks Tether's latest move to expand its presence in Latin America, following recent investments in Belo, Adecoagro, and Mercado Bitcoin. The deal, which values Ualá at $3.2 billion, sees Tether take an equity stake in the neobank.
Key Facts
- Tether invested $20 million in Ualá, a neobank with more than 11 million customers across Argentina, Mexico, and Colombia, as part of the company's $197 million funding round announced in March.
- The investment, which values Ualá at $3.2 billion, is expected to represent a rough 0.6% stake in the neobank's post-money equity, although the terms may differ.
- Ualá's CEO, Pierpaolo Barbieri, stated that regulations in Argentina and Mexico prevent a near-term integration of USDT, and that Tether joined the funding round solely as a financial investor.
- Tether funds its investments with excess capital generated by income earned from the reserves that back the USDT stablecoin, which now has $184 billion in circulation.
- Tether posted a $1.04 billion profit in the first quarter and has made several bets in Argentina and the South American region, including investments in Belo, Adecoagro, and Mercado Bitcoin.