Tether's USDT Jumps to 8.5% Premium in India After Crypto Payment Crackdown
Tether's USDT stablecoin is trading at an 8.5% premium in India after raids on crypto payment firms in Bengaluru disrupted the pipeline that supplies USDT to Indian platforms. This is roughly double the usual gap, making USDT more expensive for Indian buyers.
Tether's USDT stablecoin is trading at an 8.5% premium in India following a crackdown on crypto payment firms in Bengaluru. The raids disrupted the pipeline that supplies USDT to Indian platforms, pushing its local price more than 8.5% above the dollar. This premium is roughly double the usual gap, making USDT more expensive for Indian buyers. The disruption underscores the fragility of crypto payment infrastructure in the country, especially for stablecoins like USDT, which are pegged to the US dollar.