Tether, the company behind the world’s most widely traded stablecoin USDT, invested in EFY Finance as part of the fintech firm’s seed funding round, aiming to strengthen institutional access to digital dollar payments across Latin America. The size of Tether’s investment, EFY Finance’s valuation, and the full amount raised were not disclosed by either party.
Expansion of Stablecoin Payments in the Region
EFY Finance is a financial technology company focused on building infrastructure for cross-border payments and digital asset transactions throughout Latin America. The firm allows businesses and financial institutions to settle transactions using USDT and USAT stablecoins while integrating digital wallets, payment cards, and custody services. EFY Finance holds a Digital Asset Service Provider license in El Salvador and operates active local payment corridors in 17 countries, including Bolivia, Colombia, Mexico, Panama, Ecuador, and El Salvador.
Currently, EFY Finance serves over 25,000 retail and institutional accounts, offering conversion between more than 12 currencies and enabling direct payments to local bank accounts. The company plans to expand its institutional offerings in the region, leveraging Tether’s support to increase access to regulated digital dollar infrastructure.
Tether CEO Paolo Ardoino highlighted the significance of the U.S. dollar in Latin America, citing its role as “a lifeline against inflation and capital controls” and emphasizing the need for enhanced access through regulated platforms.
Paolo Ardoino described the U.S. dollar as vital for those facing currency instability in Latin America and noted that EFY Finance could help make dollar-denominated digital assets more accessible across regulated networks.
EFY Finance’s co-founder and CEO Andrés Tobón stated that the main challenge is connecting stablecoins with the traditional banking system, including local payment rails, cards, and cross-border settlements, to strengthen their role within the mainstream financial landscape.
The expansion plans involve USDT, Tether’s established stablecoin pegged to the U.S. dollar, and USAT, a newer U.S.-focused stablecoin issued by Anchorage Digital Bank with backing from Tether. According to Tether, USAT is not legal tender, is not guaranteed by the U.S. government, and does not carry FDIC insurance.
Mini dictionary: Anchorage Digital Bank is a federally chartered digital asset bank in the United States that provides custody and settlement services for cryptocurrency and issues specific stablecoins such as USAT under U.S. regulatory oversight.
In September, Anchorage Digital selected LayerZero as the interoperability provider for its bank-issued stablecoins, including USAT. The companies have not detailed which networks or blockchains EFY Finance will utilize for these new products.
Growth of Crypto Transactions in Latin America
Blockchain analytics company Chainalysis reports that nearly $1.5 trillion in crypto transaction volume was recorded in Latin America from July 2022 to June 2025. In this period, Brazil led the region with $318.8 billion in received crypto value, followed by Argentina with $93.9 billion, Mexico with $71.2 billion, Venezuela at $44.6 billion, and Colombia at $44.2 billion.
| Country | Crypto Value Received |
|---|---|
| Brazil | $318.8 billion |
| Argentina | $93.9 billion |
| Mexico | $71.2 billion |
| Venezuela | $44.6 billion |
| Colombia | $44.2 billion |
Chainalysis attributes the region’s rising crypto adoption to persistent inflation, currency volatility, and recurring capital controls. Within certain countries, stablecoins accounted for the majority of exchange purchases involving national currencies such as the Colombian peso, Argentine peso, and Brazilian real. According to Bitso’s 2025 report, dollar-backed tokens represented 40% of all crypto purchases on its platform, outpacing Bitcoin at 18%.
Tether’s deal with EFY Finance comes after previous moves in Latin America, including a $20 million investment in Argentine digital bank Ualá in July 2026. That same month, Hyundai Motor’s U.S. and Mexican operations transferred $20,000 via USDT on the Avalanche blockchain, completing the transaction within about seven minutes.
EFY Finance and Tether have not released specific timelines for new financial products, further expansion plans, or projected volumes. Andrés Tobón emphasized that streamlining institutional access to USDT and USAT remains a priority as EFY Finance continues building connections between digital dollars and traditional banking systems in the region.
Stablecoins have become part of Latin America’s financial ecosystem, but linking them to traditional banking and payment networks will determine their broader impact, according to EFY Finance CEO Andrés Tobón.
