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Some USDT sellers in Paraguay are asking about 13% above the official dollar reference rate following Ueno Bank’s closure. The USDT premium appears in Bybit’s peer-to-peer listings as millions of bank customers face frozen operations—but the advertised prices vary sharply and do not establish a nationwide exchange rate.

Summary

Key takeaways

  • Selected Bybit USDT offers carry a 13% premium over Paraguay’s dollar benchmark.
  • Ueno reported 2.94 million customers before its operations were frozen.
  • Deposit-guarantee advances cover up to 40 minimum monthly wages, minus overdue Ueno debts.

Ueno Bank resolution freezes access to deposits

The Banco Central del Paraguay said on November 3 that its board unanimously ordered Ueno Bank’s resolution on November 2 after its solvency ratio dropped below half the required minimum. Rather than reflecting a broader condition of Paraguay’s financial system, the problem was characterized by the central bank as particular to Ueno.

Ueno reported 2.94 million customers in June. The closure froze digital banking, withdrawals and transfers, leaving customers unable to access funds through the bank’s services.

The bank also managed more than US$800 million in public money, including around US$380 million invested by the Instituto de Previsión Social, Paraguay’s state pension institution. The resolution freezes the bank’s assets and liabilities while authorities determine how to cover its obligations.

Paraguay’s deposit-guarantee fund covers up to 228 million guaraníes per person. Customers with balances above that limit must await the Superintendencia de Bancos’ final accounting.

Bybit’s USDT premium after Ueno Bank’s closure varies by offer

A GlobalPartner listing viewed early on November 5, Eastern Time, asked 6,942 guaraníes per USDT. That was 13.0% above the central bank’s November 4 dollar reference of 6,144.02 guaraníes.

The comparison uses the previous business day’s benchmark, not a dollar price executable at the same moment. It measures an advertised asking price—not completed transactions or a uniform national exchange rate.

GlobalPartner accepted orders from 15,000 to about 1.01 million guaranĂ­es, with payment options including Paraguayan bank transfers. EzeCDE listed USDT at 6,943 guaranĂ­es.

Other offers pointed in the opposite direction. Three smaller listings asked roughly 4,992 to 5,000 guaraníes, with maximum orders ranging from 16,000 to 48,452 guaraníes. JACK_CAMBIOS_PY’s sell page listed a buying price of 6,020 guaraníes per USDT, which fell short of the official dollar benchmark. Available prices therefore differed substantially by payment method and order size.

Currency movements do not establish additional demand

The USDT premium following Ueno Bank’s closure does not, by itself, prove that the disruption increased stablecoin demand. Exchange-rates.org’s USDT series rose 6.49%, from 5,692.36 guaraníes on October 15 to 6,061.76 on November 4.

During that same period, the central bank’s dollar reference climbed by 7.48%, moving from 5,716.25 to 6,144.02 guaraníes. However, the USDT data neither tracks Paraguayan purchasing volume nor demonstrates that the closure led to increased buying.

Buying USDT still requires accessible guaranĂ­es

Customers cannot use a blocked Ueno balance directly to purchase USDT. Bybit requires buyers to transfer guaranĂ­es before sellers release the tokens, so the transaction still depends on access to money outside the frozen account.

For depositors, the central bank’s November 4 notice set out a recovery step: advance payments would begin within 24 hours, with the process taking no more than five business days.

Up to 40 minimum monthly wages can be advanced, with any outstanding debts owed to Ueno deducted first. Funds are deposited into accounts held at other financial institutions, and new accounts are set up for savers who lack one.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.

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