[Paraguay's digital bank Ueno collapses, prompting a shift to stablecoins to cope with liquidity shortages] Paraguay's digital bank Ueno was taken over by the central bank on November 3, leaving nearly 3 million customers unable to access their accounts. The central bank stated that its solvency ratio had fallen below half of the legal minimum, and investigations uncovered suspicious loan operations and deficiencies in credit documents and accounting. The event triggered a political crisis, with thousands taking to the streets in protest. President Santiago Peña Nieto attempted to resign before facing impeachment, and was subsequently arrested on charges of breach of trust and abuse of power. The local P2P crypto market reacted volatilely, with some sellers offering USDt at a premium of up to 13%, and the local currency, the Paraguayan Guarani, falling 12.3% in a week. Some people turned to stablecoins to preserve value or maintain payments. David Eisenmann, founder of the Paraguayan crypto exchange X4T, stated that the takeover occurred at the beginning of the month when salaries, rent, and supplier invoices were due, leaving many business owners unable to pay wages. As of November 9, the central bank stated that 93.1% of Ueno's depositors had been repaid. (Source: Cointelegraph)