India's Crypto Raids Send USDT Premium Skyrocketing

India's USDT premium surged to over 8.5% following Enforcement Directorate raids on crypto payment firms accused of unauthorized cross-border transfers totaling over 2,500 crore rupees.

The crackdown disrupted domestic USDT supply as firms allegedly bypassed official remittance channels using stablecoins, prompting tighter regulatory scrutiny including AML checks and tax compliance.

Market makers also reduced overseas USDT purchases, further tightening supply. The Reserve Bank of India and other bodies will discuss future crypto regulation amid ongoing enforcement and rising crypto adoption in India.