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Tether invests $20 million in Argentina’s digital bank Ualá, continuing to ramp up its South America expansion strategy

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Mars Finance news: On July 16, the world’s largest stablecoin issuer Tether took a $20 million stake in Argentina’s digital bank Ualá. Ualá has more than 11 million customers in Argentina, Mexico, and Colombia, and provides services such as accounts, cards, loans, and investments. The investment is part of Ualá’s $197 million funding round announced in March this year, led by Allianz X, a unit of Allianz. The post-money valuation was $3.2 billion, which implies Tether’s stake is about 0.6% based on this valuation. Ualá CEO Pierpaolo Barbieri said that current regulatory requirements in Argentina and Mexico hinder the possibility of integrating USDT in the near term, so Tether participated in the round only as a financial investor. Tether has recently been steadily expanding its presence in South America: in April, it led a $14 million funding round for Argentina payment wallet Belo; it holds about 70% equity in Adecoagro, an agriculture and energy producer that operates across Argentina, Brazil, and Uruguay; and earlier this month it invested $20 million in the Brazilian crypto exchange Mercado Bitcoin. Tether makes investments by extracting excess capital from earnings generated by USDT reserve assets. Currently, the USDT circulating supply is $184 billion, and it recorded net profit of $1.04 billion in Q1 this year.
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