Tether, the company behind the world’s largest stablecoin, has invested $20 million into Ualá, an Argentine neobank that now carries a valuation of roughly $3.2 billion. The investment was part of a broader $197 million funding round that Ualá announced in March.
Here’s the thing: Ualá’s CEO Pierpaolo Barbieri has said that current regulations in both Argentina and Mexico make immediate USDT integration on the platform a non-starter. So Tether isn’t buying a distribution channel for its stablecoin. It’s buying a seat at a table it thinks will matter a lot more in a few years.
What Ualá brings to the table
Ualá has grown into one of Latin America’s most prominent neobanks, serving more than 11 million customers across Argentina, Mexico, and Colombia. The $197 million round puts Ualá in some rarefied company. Its investor roster already includes Tencent, SoftBank, and Allianz X. Tether’s $20 million slice represents roughly 10% of the total raise, a meaningful but not dominant position.
Tether’s Latin American playbook
