According to CoinMeta, Tether CEO Paolo Ardoino has responded to the growing demand for USDT in Paraguay, stating that this is due to a major banking crisis in the country that has left millions of people unable to access their savings. He described this phenomenon as a "flight to safety." According to the latest tweet from Bitcoin supporter Samson Mow, the value of USDT has risen significantly relative to the Paraguayan guaraní, as the collapse of Ueno bank affected 3 million of its customers. Mow noted that the price of USDT has risen from 5,692 guaraní to over 6,000 guaraní, an increase of more than 5%. He believes that the surge in demand for USDT is a result of people trying to protect their savings outside of the traditional banking system. On November 3rd, the Central Bank of Paraguay announced the initiation of the liquidation process for Ueno bank, as its solvency ratio had dropped below half of the minimum requirement, leading to the closure of the bank and temporary interruption of services for millions of customers' deposits and standard banking services.