Bitcoin and USDT have traded at measurable premiums in Paraguay’s peer-to-peer markets following the central bank’s Nov. 2 resolution of Ueno Bank, a digital lender serving approximately 3 million customers.
On Nov. 6, Bitcoin’s indicative buying price on Binance P2P reached 498 million guaraníes, representing a 1.7% premium over the international reference price of $75,716 (equivalent to $76,982.53 at the central bank rate of 6,469 guaraníes per dollar). The previous day, USDT’s median buying price on the same platform was 6,399 guaraníes, a 4% premium above the central bank’s dollar reference rate.
The premiums emerged as Paraguay’s currency depreciated roughly 10% against the dollar between Oct. 30 and Nov. 5, with the retail selling price climbing from 5,900 to 6,500 guaraníes. Ueno Bank’s solvency ratio had fallen below half the legal minimum, triggering resolution proceedings that froze access to approximately $850 million in public-sector deposits, including pension and healthcare funds held by the institution.
Google Trends data showed Bitcoin searches in Paraguay trending upward beginning Oct. 23 and peaking Oct. 30, before the central bank’s formal action. Dollar searches also increased amid the financial uncertainty.
Central Bank Response and Political Fallout
On Nov. 6, Paraguay’s central bank initiated deposit payments through the country’s guarantee framework, beginning with eligible customers holding up to 10 million guaraníes. President Santiago Peña, who previously held a stake in Grupo Vázquez (the business group controlling Ueno Bank), offered his resignation on Nov. 5. Peña stated he sold the investment in March 2025 and denied wrongdoing. Lawmakers continued impeachment proceedings on Nov. 6 despite his resignation offer.
In a statement released during the crisis, Peña emphasized the urgency of restoring confidence: “Payment to savers cannot be left pending on what happens to me. My priority was to push, within the law and in coordination with the responsible institutions, the measures needed for savers to recover their savings. Clarifying the facts and resolving the payments are obligations that must move forward at the same time. One cannot be an excuse to postpone the other.”
Crypto Industry Commentary
Emin Gün Sirer, founder of Ava Labs, highlighted the appeal of decentralized assets during banking instability. “Assets such as AVAX and BTC are decentralized and require no trust in third parties. No one can take or freeze your AVAX or BTC without your consent,” Sirer stated.
Samson Mow, CEO of JAN3, connected the crisis to broader arguments for Bitcoin adoption at the national level. “Bitcoin adoption at a nation-state level can mitigate these types of situations. If BTC is available to the people as a parallel rail, then systemic banking failures have far less impact,” Mow said. According to the source, JAN3 met with Paraguay’s central bank several years earlier to discuss Bitcoin adoption.
Stani Kulechov, founder and CEO of Aave, offered a brief assessment: “Bitcoin matters now more than ever.”
Market Timing and Search Trends
The timing of Bitcoin search interest in Paraguay preceded the central bank’s formal action. Searches began climbing on Oct. 23 and peaked on Oct. 30, when the dollar retail selling price stood at 5,900 guaraníes. The central bank did not initiate resolution proceedings against Ueno Bank until Nov. 2, suggesting market participants may have anticipated the institutional failure before the official announcement.
