Banco Central del Paraguay said on November 3, 2026 that it had opened a formal resolution procedure for Ueno Bank after the bank’s solvency index fell below 50% of the legal minimum. A later November 9 compensation figure of 93.1% has been attributed to a central-bank update in supplied reporting, but that figure alone does not show that all accounts, cards and transfers were fully back to normal.

Why Paraguay’s central bank intervened in Ueno Bank

Banco Central del Paraguay said it formally opened a resolution procedure for Ueno Bank on November 3, 2026 after the bank’s solvency index fell below half of the legal minimum. The central bank added that its board had unanimously approved the move on November 2 under Law No. 2334/03, the framework it cited for deposit guarantees and bank resolution.

The official announcement did not characterize the trigger as a routine technical outage or temporary operational issue. The central bank said the solvency breach followed adjustments to the bank’s financial statements during a regularization process. It said the objective was to manage the bank’s situation in an orderly manner, protect depositors and preserve financial stability, while emphasizing that this was a bank-specific case rather than evidence of a system-wide problem.

What the compensation update says about customer access

The reported November 9 figure suggests reimbursement efforts had advanced substantially, but it does not establish that every customer had regained normal access to banking services. Supplied reporting attributes to the central bank a statement that 93.1% of Ueno deposit customers had been compensated by that date.

That distinction matters because compensation is not the same as restored functionality. Asunción Times reported that on November 3 customers could not view balances, withdraw funds or make transactions, and that the mobile app, debit cards and credit cards were unavailable that morning. AFP later described guarantee-fund payments expanding after initial reimbursements had already begun, pointing to a phased depositor reimbursement process rather than a simple full restoration of all services.

Within that same reported framework, Asunción Times said eligible deposits were protected up to 75 monthly minimum wages, or about ₲228,300,000 per depositor per institution. AFP also described a coverage limit of roughly $36,000 per account in its report on guarantee-fund payments. These figures help explain the mechanism, but they do not resolve every practical question over whether remaining customers were awaiting payouts, transfer arrangements or complete restoration of account access.

Why USDT traded at a local premium

There is evidence of local price dislocation in dollar-backed stablecoins, but the strongest supplied evidence is narrower than confirmation of a nationwide 13% premium. Cointelegraph, in a report syndicated by TradingView News, said one Bybit Paraguay peer-to-peer USDT listing was priced at ₲6,942, about 13% above the central bank’s November 4 reference rate of ₲6,144 per US dollar.

This is best viewed as a stress signal rather than a full-market benchmark. The same source chain said X4T founder David Eisenmann described customers using crypto both to protect savings and make payments, while some also converted holdings into guaraníes or US dollars to cover salaries and debts. It also said guaraní prices for USDT and USDC on X4T had already increased by about 8% in recent weeks and that the move began in October, meaning the bank resolution should not be treated as the sole cause.

In other words, the resolution appears to have intensified demand for immediately transferable, dollar-linked assets at a time when reported access to banking services was under strain. That supports the crypto angle of the story, but in a narrower sense: a short-term liquidity and dollar-demand shock, not proof that all of Paraguay suddenly repriced USDT at a uniform premium.