The Paraguayan guarani fell about 4% against the US dollar on the day President Santiago Peña resigned, reducing the dollar value of local-currency deposits. A widely circulated claim that USDT traded at a 13% premium to the official rate no longer held once Paraguay’s benchmark exchange rate moved higher; the comparison had used the previous day’s rate.
Central-bank rate change undercuts the 13% comparison
The 13% figure came from a high USDT sell quote on the peer-to-peer (P2P) market, measured against the November 4 official rate of 6,144 guaranies per dollar. P2P trades are conducted directly between users, and a single high quote does not represent the market-wide transaction price or establish that USDT generally traded at a premium of the same size.
Paraguay’s central bank (BCP) reported that the interbank dollar rate closed at 6,388.47 guaranies on November 5. With the benchmark itself rising, the previously cited 13% gap based on the older rate no longer applied. The figure reflected a specific quote compared with the rate on a particular date, not a stable market spread.
Political shift coincides with pressure on bank customers
Peña’s resignation was linked to the collapse of digital bank Ueno Bank, described as a widely used local lender with more than 60% of Paraguay’s adult population among its users. The guarani weakened against the dollar on the day he resigned, lowering the dollar-equivalent value of local-currency assets held by savers.
The deposit protection cited in the report is paid in guaranies. So even if a customer’s nominal deposit balance remains unchanged, a weaker guarani reduces its value when converted into dollars. The available information does not specify individual compensation amounts, the coverage rules or payment timelines, and does not establish how every Ueno Bank customer will be treated.
P2P USDT quotes depend on the comparison rate
USDT is a digital token pegged to the US dollar. During exchange-rate volatility, P2P quotes can attract attention, but quoted prices, completed trades and the official interbank rate are different measures. The calculated premium can also change depending on which date’s official rate is used.
The key figures are the November 4 benchmark of 6,144 guaranies per dollar and the November 5 close of 6,388.47, as the guarani fell about 4% against the dollar that day. The change in savers’ dollar-equivalent holdings and the spread implied by a particular P2P USDT quote are related, but distinct, issues.