Tether invests $20 million in Ualá as the fintech firm reaches $3.2 billion valuation

Stablecoin giant Tether has invested $20 million in Argentine neobank Ualá as part of a broader $197 million funding round that valued the fintech at $3.2 billion on a post-money basis.

The investment was part of a funding round initially led by Allianz X in March 2026, with participation from new and existing global investors, including Stone Ridge Holdings Group, Tencent, TABLE Holdings, L.P., Soros Fund Management LLC, D1 Capital Partners, and Jubarte.

Ualá describes itself as a digital financial platform offering banking, payments, credit, and investment products through its mobile application. The company says it serves more than 11 million customers across Latin America and operates under banking licenses in Argentina, Mexico, and Colombia.

According to a statement, 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, the company said.

“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’s ongoing expansion 

The investment comes as Tether continues expanding its portfolio across digital asset infrastructure and financial services. 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.

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.