According to CoinMeta, the collapse of the Paraguayan digital bank Ueno left nearly three million customers (about 60% of Paraguay's adult population) unable to access their accounts. On November 3, the Central Bank of Paraguay placed Ueno in liquidation due to its solvency ratio being less than half of the legal minimum requirement. Investigations revealed suspicious lending practices at the bank. This collapse triggered a political crisis, with thousands of people taking to the streets to protest, and Paraguay's president Santiago Pe being impeached and arrested for breach of trust. The collapse of Ueno prompted some customers to turn to USDT to maintain the value of their funds. The CEO of Tether, Paolo Ardoino, described USDT as "a lifeline for hundreds of millions of people around the world." As of November 9, 93.1% of Ueno deposit customers had received their repayments, but customer confidence was shaken, and the number of inquiries on X4T exchanges for US-dollar denominated stablecoins continued to increase.