Paraguay President Resigns After Ueno Bank Collapse; Some USDT P2P Offers Show 13% Premium

Summary

• The collapse of Paraguay's Ueno Bank left about 3 million customers unable to access their accounts.
• After the banking crisis, demand for dollars increased and Tether (USDT) was listed in some P2P markets at a 13% premium to the benchmark dollar exchange rate.
• The 13% premium applied only to some sell offers, while the premium on major sell offers on Binance P2P was estimated at about 3.4%.

Forecast Trend Report by Period

Paraguayan President Santiago Peña resigned after the collapse of major digital bank Ueno Bank. As financial stress spread, some peer-to-peer markets showed Tether's USDT offered at prices 13% above the benchmark dollar exchange rate.

Cointelegraph reported on Nov. 5, citing Reuters and the Associated Press, that Peña announced his resignation amid protests and impeachment pressure tied to Ueno Bank's failure. He said he chose to step down to preserve national stability, social peace and democratic institutions.

Earlier, Paraguay's central bank placed Ueno Bank under regulatory oversight after its capital adequacy ratio fell below the legal minimum. About 3 million customers were unable to access their accounts during the process.

Demand for dollars rose after the banking crisis, pushing up some USDT prices as well. Crypto outlet Criptonomist reported that sell offers for USDT on Bybit's P2P market were seen at about 13% above the Paraguayan central bank's benchmark dollar rate.

The 13% figure applies only to some sell offers and does not represent executed prices or the average premium across Paraguay's market. Local crypto outlet CriptoInforme, after reviewing listings on Binance P2P, found that the premium on major sell offers was about 3.4% versus exchange-house dollar prices.

JH Kim