USDT trades at 8.5% premium in India after Bengaluru crypto payment raids

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The stablecoin USDT has surged to an 8.5% premium over the US dollar on Indian crypto platforms following a crackdown on crypto payment firms in Bengaluru. Authorities conducted raids on these firms, disrupting the supply chain that delivers the dollar-pegged stablecoin to local exchanges. The resulting supply squeeze pushed USDT's local price significantly above its intended dollar peg. The premium is roughly double the gap that is typically seen in the Indian market.

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