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A recent report from June 29 indicated that a supply shortage caused India’s local USDT premium to exceed 8.5%, with the token quoted at INR 102.88 compared to USD/INR at INR 94.65.
The elevated spread highlights restricted access to dollar-linked crypto liquidity in India, disproportionately affecting buyers reliant on rupee-based conversion routes despite Tether maintaining its global $1 peg.
Enforcement Directorate actions on June 19 revealed allegations against several entities facilitating USDT-based remittances without Reserve Bank of India authorization, potentially exacerbating local liquidity constraints.
While global USDT markets remain stable, Indian users face compounded costs due to regulatory uncertainty, reduced marketMaker participation, and compliance hurdles affecting on/off ramps.
Cross-Border Liquidity Under Policy Scrutiny
The premium reflects systemic frictions including banking limitations, tax compliance demands, and evolving regulatory expectations, which could persist until clearer remittance frameworks emerge.
India’s crypto ecosystem remains resilient despite these pressures, with sustained retail demand suggesting users will navigate compliance challenges to access dollar-pegged digital assets.
Market participants continue monitoring upcoming policy discussions, including the July 2 Parliamentary Finance Committee meeting with RBI officials expected to address virtual digital asset regulations.
