Tether CEO calls USDT demand in Paraguay a ‘flight to safety’ after Ueno Bank collapse

Tether CEO Paolo Ardoino addressed reports of a sharp increase in demand for the company’s stablecoin, USDT, in Paraguay following the recent failure of Ueno Bank, which left millions without access to their funds. Ardoino characterized the shift as a “flight to safety” in response to the banking crisis. Bitcoin advocate Samson Mow highlighted that USDT has appreciated notably against the Paraguayan guaraní amid the turmoil. According to his observations on X, the value of USDT rose from 5,692 guaraníes to over 6,000, marking an increase of more than 5% since mid-October. This surge follows the collapse of Ueno Bank, one of Paraguay’s largest digital lenders, which served an estimated 3 million customers.

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