A shortage of stablecoins such as USDT in India has driven local market prices to a premium of more than 8.5%, following regulatory enforcement actions that disrupted supply.
According to ChainCatcher, Economictimes reported that Indian law enforcement targeted entities providing crypto foreign-exchange services, cutting off remittance channels commonly used by overseas Indians.
The report said the disruption reduced USDT availability in India, leaving local trading prices noticeably above international parity levels.