India’s USDT Shortage Deepens, Driving Stablecoin Premium Above 8.5%
Summary
- A shortage of Tether (USDT) in India pushed the local stablecoin premium above 8.5%.
- The local USDT price in India rose to 102.88 rupees, more than 8.5% above the June 27 closing dollar-rupee exchange rate.
- Lower USDT inflows after the Enforcement Directorate’s money-laundering crackdown and regulatory uncertainty may have contributed to the wider premium.
Forecast Trend Report by Period
A shortage of Tether’s USDT in India has pushed the local stablecoin premium above 8.5%.
USDT in India rose to 102.88 rupees on June 29, the Economic Times reported. That was more than 8.5% above the dollar-rupee exchange rate’s June 27 close of 94.65 rupees.
USDT typically trades at a 3% to 4% premium to the dollar in India. That premium has widened sharply as supply has tightened.
The Economic Times reported that USDT inflows have slowed since India’s Enforcement Directorate cracked down on a 250 billion-rupee money-laundering case involving crypto assets, leaving supply constrained.
Purushotham Anand, founder of Crypto Legal, said the wider premium may partly reflect a risk premium tied to regulatory uncertainty.
