Several peer-to-peer sellers of Tether’s USDT in Paraguay are quoting prices around 13% above the official dollar rate, following the central bank’s decision to place Ueno Bank into resolution. The move reflects the uncertainty and restricted access faced by more than three million depositors, who remain unable to withdraw funds or access digital banking services.
USDT premium surges on Bybit
The premium for USDT surged on Bybit’s peer-to-peer platform, with sellers like GlobalPartner listing rates at 6,942 guaraníes per token, compared to Banco Central del Paraguay’s reference rate of 6,144.02 guaraníes. This represents a 13% markup. Another seller, EzeCDE, posted an offer at 6,943 guaraníes for USDT.
The GlobalPartner listing accepted purchase orders between 15,000 and just over 1 million guaraníes, leaving buyers with the choice of making payments via Paraguayan bank transfers. At the same time, three smaller listings advertised USDT at 4,992 to 5,000 guaraníes, but these were limited to much smaller volumes, with transaction ranges from 16,000 to 48,452 guaraníes.
On the selling side, Bybit user JACK_CAMBIOS_PY bid 6,020 guaraníes per USDT, a rate below the official benchmark. Conditions varied depending on both the payment method and the transaction size.
| Seller/Buyer | Rate (Guaraníes per USDT) | Order Size Range | Comparison to Official Rate |
|---|---|---|---|
| GlobalPartner | 6,942 | 15,000 – 1,010,000 | +13% |
| EzeCDE | 6,943 | Not specified | +13% |
| Small sellers | 4,992–5,000 | 16,000 – 48,452 | -19% to -18% |
| JACK_CAMBIOS_PY (Buy) | 6,020 | Conditional | -2% |
Ueno Bank crisis shakes financial sector
On November 3, Banco Central del Paraguay (BCP) confirmed it would resolve Ueno Bank after the lender’s solvency ratio collapsed to less than half the required minimum. The central bank emphasized that the problem was limited to Ueno and posed no immediate risk to Paraguay’s broader financial system.
Ueno, a prominent bank in Paraguay with 2.94 million customers as of June, has seen all digital services, withdrawals, and transfers suspended. The bank managed over $800 million in public deposits, including approximately $380 million from the Instituto de Previsión Social, Paraguay’s state pension agency. In addition, funds belonging to CONMEBOL, the governing body for South American football, remain inaccessible.
Authorities responded to the crisis with the arrest of eight individuals, including Ueno’s top executives on breach of trust charges. The central bank’s president also stepped down amid the turmoil.
Mini dictionary: Ueno Bank, formerly known as Banco Familiar, is a major Paraguayan financial institution that transformed into a digital bank in recent years, serving a significant share of the national population.
Stablecoin trends and central bank response
Although the sharp USDT premium has been noted, it remains unclear whether Ueno’s downfall directly caused a rush to stablecoins. From October 15 to November 4, the USDT exchange rate climbed 6.49% from 5,692.36 to 6,061.76 guaraníes, according to Exchange-rates.org. Meanwhile, the BCP reference rate for the dollar increased by 7.48%, reaching 6,144.02 guaraníes. In the interbank market, the dollar appreciated 6.43% over that period to nearly 6,060 guaraníes.
Economist Arnold Benítez indicated that in periods of banking stress like resolution procedures, savers and businesses generally turn to dollars for safety. He added that stablecoins such as USDT have become prominent hedging tools against inflation across Latin America.
Stablecoins are now commonly used as a hedge against inflation in the region, according to economist Arnold Benítez, who noted that investors typically seek dollars or equivalents when banking uncertainty arises.
Blocked Ueno balances cannot be used to buy USDT directly on Bybit, since buyers must transfer guaraníes to sellers’ external accounts before receiving their stablecoins, effectively bypassing frozen assets.
On November 4, the BCP announced plans to begin advance payments to depositors within 24 hours, with the process expected to take no longer than five business days. Each retail client may recover up to 40 times the Paraguay minimum monthly wage, after adjustment for any overdue debts owed to Ueno.
The maximum guaranteed payout for each depositor is 228 million guaraníes. Unresolved deposits will be paid once asset values are finalized by the Superintendencia de Bancos.
