BlockBeats News, July 16th. Tether, the world's largest stablecoin issuer, invested $20 million in the Argentine digital bank Ualá, which has over 11 million customers in Argentina, Mexico, and Colombia, offering services such as accounts, cards, loans, and investments. This investment is part of Ualá's $197 million funding round announced in March, led by Allianz X, a subsidiary of Allianz, valuing the company at $3.2 billion. Based on this valuation, Tether holds approximately 0.6% of the company.

Ualá's CEO, Pierpaolo Barbieri, stated that current regulatory restrictions in Argentina and Mexico have hindered the recent integration of USDT, with Tether participating in this funding round solely as a financial investor.

Tether has been expanding its presence in South America: in April, it led a $14 million investment in the Argentine payment wallet Belo; acquired around 70% of the shares of Adecoagro, an agricultural and energy producer operating in Argentina, Brazil, and Uruguay; and at the beginning of this month, invested $20 million in the Brazilian cryptocurrency exchange Mercado Bitcoin. Tether invests excess capital generated from the interest on its USDT reserve assets. Currently, the circulation of USDT has reached $184 billion, with a net profit of $1.04 billion in the first quarter of this year.