Paraguay's Trump-Allied President Quits as Currency Slides: Is the 13% USDT Premium Real?

Paraguayan President Santiago Peña resigned on Thursday after the guaraní fell 4% against the dollar following the collapse of Ueno Bank, a digital lender used by more than 60% of Paraguayan adults. The currency move erased a widely cited 13% premium for Tether’s dollar-pegged USDT, as the Central Bank of Paraguay’s interbank rate rose to 6,388.47 guaraníes per dollar on November 5 from the November 4 official rate of 6,144. Ueno held about $800 million in public deposits, including state pension money, and Paraguay’s deposit guarantee fund covers up to 228.3 million guaraníes per depositor. Prosecutors charged 27 bank officials and associates, and Vice President Pedro Alliana is set to take over.