If you wanted to buy USDT in India on June 28, you’d pay roughly ₹102.88 per token. The official interbank rate for one US dollar? About ₹94.65. That gap, a premium exceeding 8.5%, is more than double the 3-4% markup that Indian traders have grown accustomed to paying.
The culprit is a supply squeeze triggered by India’s Enforcement Directorate, which has been raiding firms that facilitated stablecoin-powered cross-border remittances, effectively cutting off a popular pipeline for USDT flowing into the country.
What the Enforcement Directorate actually did
The ED targeted five firms, primarily based in Bengaluru, that had allegedly been processing unauthorized cross-border transfers using USDT. The total value of those transfers reportedly surpassed ₹2,500 crore, roughly $265 million at current rates.
The charges fall under the Foreign Exchange Management Act, or FEMA, India’s primary legislation governing foreign exchange transactions.
