Tether CEO Reacts to Massive USDT Demand in Paraguay

Tether CEO Paolo Ardoino has responded to claims that the company's stablecoin, USDT, is being increasingly sought after in Paraguay following a significant banking crisis that cut off millions of people from their savings. Ardinoino has described this as "a flight to safety." As noted in a recent X post by Bitcoin proponent Samson Mow, Tether's USDT has seen a significant rise in value relative to the Paraguayan guaraní amid the collapse of Ueno Bank, one of Paraguay's biggest digital lenders. Ueno Bank, with an estimated 3 million customers (a significant percentage of adult Paraguayans), has been hit by a major financial crisis. According to Mow, USDT has risen from 5,692 guaraníes to over 6,000 guaraníes, an increase of over 5%. The surge in interest in the U.S.

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