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Tether CEO Paolo Ardoino stated that the banking crisis in Paraguay has triggered a surge in demand for USDT as a flight to safety
Tether CEO Paolo Ardoino stated that following the liquidation of large Paraguayan digital lending institution Ueno Bank by the central bank due to a solvency crisis, which left millions of customers unable to withdraw deposits, local demand for Tether's USDT surged significantly in what constitutes a "flight to safety" phenomenon. Driven by this impact, the USDT to Paraguayan Guaraní exchange rate rose from approximately 5,692 Guaraníes on October 15 to over 6,000 Guaraníes on November 4, an increase of more than 5%.
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