Ueno Bank closure drives USDT premiums in Paraguay
6.6 Stablecoins Ueno Bank’s closure in Paraguay led to a USDT demand spike, with isolated 13% premiums, though most trades showed a 3–4% premium over the dollar.
Following the closure of Ueno Bank in Paraguay, some platforms like Bybit displayed USDT listings with premiums as high as 13% over the official dollar rate. However, these were isolated cases and did not represent the broader market. According to Criptoinforme's analysis of Binance P2P, the average premium was about 3.4% compared to exchange houses and 4.2% over the Central Bank's reference rate. Meanwhile, the US dollar appreciated 8.8% against the guarani during the same week. The spike in USDT demand is largely due to customers seeking stability amid banking uncertainty, as millions of Ueno clients lost access to their funds. This situation underscores the volatility of P2P markets and highlights the growing role of stablecoins as a financial safe haven during crises.
