Tether invests $20 million in Argentine digital bank Ualá to expand its presence in Latin America

According to Bloomberg, Tether invested $20 million in the Argentine digital bank Ualá as part of Ualá's announced $197 million financing round in March. Ualá plans to use this funding to accelerate its expansion in Argentina, Mexico, and Colombia.

Ualá founder and CEO Pierpaolo Barbieri stated that due to the regulatory environment in Argentina and Mexico, USDT stablecoin will not be integrated into the platform in the short term, and Tether is only participating as a financial investor. Ualá has 11 million customers, and after this financing round, it is valued at $3.2 billion, planning to accelerate expansion in Mexico.