India's USDT Premium Hits 8.5% as Enforcement Crackdown Tightens Supply

India's USDT premium doubled to 8.5% above the official USD/INR rate after enforcement raids disrupted stablecoin inflows, showing how local regulation can distort dollar access even when USDT's global peg holds.

• USDT traded at 102.88 INR on June 29, an 8.5% premium over the official exchange rate of ~94.65 INR
• The premium more than doubled from the typical 3-4% range seen in recent months
• India's Enforcement Directorate raids disrupted a key source of USDT inflows into the country
• India already has a 30% crypto gains tax and 1% TDS on transactions, raising costs further
• The gap shows how local policy can restrict dollar liquidity even for globally pegged stablecoins

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