Stablecoin issuer Tether invested $20 million in Argentine neobank Ualá as part of a $197 million funding round that valued the fintech at $3.2 billion on a post-money basis. The funding round was initially led by Allianz X in March 2026, with participation from new and existing investors including Stone Ridge Holdings Group, Tencent, TABLE Holdings, Soros Fund Management, D1 Capital Partners, and Jubarte. Ualá plans to use the capital to strengthen its technology investment and expand financial products across Latin America, where the company serves more than 11 million customers and operates under banking licenses in Argentina, Mexico, and Colombia. The investment deepens Tether's strategic footprint in Latin American financial infrastructure, following recent investments in digital asset platforms and payment networks across the region.
Ualá Raises $197 Million in Funding Round Led by Allianz X
Ualá describes itself as a digital financial platform offering banking, payments, credit, and investment products through its mobile application. The company operates under banking licenses in Argentina, Mexico, and Colombia, serving more than 11 million customers across Latin America.
According to a statement from Ualá, the capital raised in the round is being used to strengthen the company's investment in technology and expand its financial products across the region. The follow-on investment also deepens Ualá's operational partnership with lead investor Allianz X, focused on combining the neobank's digital distribution capabilities with Allianz's insurance and asset management products in the region.
"We are building the most comprehensive and innovative banking platform in the region, and we are grateful for the continued trust of our investors," Ualá CEO Pierpaolo Barbieri said. "Latin America remains one of the most under-invested regions in the world, yet the demand for financial services is huge with an abundance of talent and ambition to match."
Tether Expands Latin America Portfolio with Recent Investments
Tether's investment in Ualá follows a series of strategic investments across digital asset infrastructure and financial services in Latin America. In July, Tether led a $7 million Series A investment in Pact Labs to support infrastructure for its USAT stablecoin across payroll, earned wage access, credit, and payments.
The company also invested $20 million in Brazilian digital asset platform Mercado Bitcoin to support payments, lending, tokenized investments, and international expansion. Tether has also backed payments infrastructure through Oobit, a company it supported in a 2024 Series A funding round. In June, Oobit integrated Brazil's PIX payment network, allowing users to deposit Brazilian reais, hold funds in Tether's USDT stablecoin, and spend through a payment system used by nearly 170 million users.
USDT Maintains 63% Market Share in Stablecoin Supply
Tether is the issuer of USDT, the largest dollar-pegged stablecoin by supply. According to The Block's data dashboard, dollar-pegged stablecoins have a combined supply of more than $291 billion, with USDT accounting for about $184.2 billion, or roughly 63% of the market, while Circle's USDC accounts for $73.1 billion.
FAQ
What did Tether invest in Ualá?
Tether invested $20 million in Argentine neobank Ualá as part of a $197 million funding round that valued the fintech at $3.2 billion on a post-money basis. The funding round was initially led by Allianz X in March 2026, with participation from investors including Stone Ridge Holdings Group, Tencent, TABLE Holdings, Soros Fund Management, D1 Capital Partners, and Jubarte.
How many customers does Ualá serve across Latin America?
Ualá serves more than 11 million customers across Latin America and operates under banking licenses in Argentina, Mexico, and Colombia. The company describes itself as a digital financial platform offering banking, payments, credit, and investment products through its mobile application.
What is Tether's market share in the stablecoin supply?
Tether's USDT accounts for about $184.2 billion out of a combined dollar-pegged stablecoin supply of more than $291 billion, representing roughly 63% of the market. Circle's USDC accounts for $73.1 billion of the total stablecoin supply.
