Tether's USDT jumps to 8.5% premium in India after crypto payment crackdown
The premium for USDT in India has spiked to 8.5% following a crackdown by financial authorities on firms allegedly using stablecoins for unauthorized cross-border remittances. The regulatory action has restricted the supply of USDT, causing prices to rise as demand remains high.
Why it matters
It illustrates the tension between the use of stablecoins for efficient cross-border payments and strict national anti-money laundering and foreign exchange regulations.
USDT traded around 102.88 rupees over the weekend against an official dollar-rupee rate of about 94.65, a gap that normally sits between 3% and 4%.
The article reports on the regulatory action and market reaction without taking a side on the legality of the firms involved.
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