Tether’s USDT jumps to 8.5% premium in India after crypto payment crackdown
Raids on crypto payment firms in Bengaluru disrupted the pipeline that feeds dollar-pegged USDT to Indian platforms, pushing its local price more than 8.5% above the dollar, roughly double the usual gap.
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Summary
- The price of USDT on Indian crypto platforms has surged to more than 8.5 percent above its dollar peg after a government crackdown choked the token’s supply.
- India’s Enforcement Directorate searched six Bengaluru premises and accused five crypto payment firms of moving over $265 million in unauthorized cross-border transfers using USDT.
- Market makers have pulled back from sourcing USDT from abroad, tightening domestic liquidity and widening the long-standing premium that reflects strong local demand for the stablecoin.
