Paraguay President Resigns After Ueno Bank Collapse; Some USDT P2P Offers Show 13% Premium
Summary
- Reports said financial anxiety spread after the collapse of Ueno Bank, a major digital bank in Paraguay.
- Some P2P markets listed Tether (USDT) at prices 13% above Paraguay's central bank reference dollar exchange rate.
- A local survey found that the premium on major Binance P2P sell offers was about 3.4% relative to exchange-house dollar prices.
Forecast Trend Report by Period
Paraguayan President Santiago Peña has resigned after the collapse of Ueno Bank, a major digital bank in the country. As financial anxiety spread, some peer-to-peer markets showed Tether's USDT being offered at prices 13% above the central bank's reference dollar exchange rate.
Cointelegraph reported on November 5, citing Reuters and the Associated Press, that Peña announced his resignation amid protests and impeachment pressure stemming from the Ueno Bank collapse. He said he decided to step down to protect national stability, social peace and democratic institutions.
Earlier, Paraguay's central bank placed Ueno Bank under administration after its capital adequacy ratio fell below the legal minimum. During that process, about 3 million customers lost access to their accounts.
Demand for dollars rose after the banking crisis, pushing up some USDT prices as well. Crypto outlet The Cryptonomist reported that sell offers on Bybit's P2P market were seen at about 13% above Paraguay's central bank reference dollar rate.
The 13% figure applied only to some sell offers. It did not represent executed prices or the average premium across Paraguay's broader market. A review of Binance P2P listings by local crypto outlet CriptoInforme found that the premium on major sell offers was about 3.4% relative to dollar prices at exchange houses.
