Tether has put $20M into Ualá, one of Latin America’s biggest neobanks, as part of the fintech’s ~$197M funding round, extending the stablecoin giant’s aggressive push across the region’s fast-growing markets.

Ualá serves 11M+ customers in Argentina, Mexico and Colombia at a ~$3.2B valuation, with backers like Tencent, SoftBank and Allianz X. But its CEO cautions that local rules rule out any immediate USDT integration in the near term. So the deal reads as a strategic, future-facing bet rather than instant stablecoin distribution — part of Tether’s broader Latin America investment spree that also includes Mercado Bitcoin and the wallet Belo.