Tether CEO Paolo Ardoino described the growing demand for USDT in Paraguay following the banking crisis that left millions of customers unable to access their deposits as a “flight to safety.” USDT’s exchange rate rose from about 5,692 guaraníes on October 15 to more than 6,000 guaraníes on November 4, an increase of over 5%. The surge followed the central bank’s decision to open resolution proceedings against Ueno Bank after its solvency ratio fell below half the required minimum. The scandal led to the arrest of eight people connected to the bank and the resignation of central bank president Carlos Carvallo, while hundreds of millions of dollars held by Ueno Bank for the social security system remain in doubt.
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