USDT premium in India rises above 8.5%
According to Odaily, the USDT supply is tightening in India, with the local stablecoin premium rising from the usual 3%–4% to over 8.5%. On Saturday, USDT was quoted at 102.88 Indian rupees, while the USD/INR closing rate on Friday was 94.65.
The report states that the decrease in USDT inflows and concerns over a further slowdown stem from the Enforcement Directorate’s crackdown on the transfer of 250 billion Indian rupees through virtual digital assets. Crypto Legal founder Purushottam Anand noted that the recent increase may partly reflect a risk premium triggered by regulatory uncertainty. (economictimes)
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