USDT trades at 13% premium against Paraguay’s fiat currency after local bank closure

USDT was trading at a premium of more than 13% against Paraguay’s fiat currency on Bybit, according to The Defiant on Nov. 5. The move was seen as reflecting a supply-demand imbalance after the closure of local lender Ueno Bank, which left funds tied up in the traditional financial system and drove local depositors and investors to rush into the dollar-pegged stablecoin to preserve assets.