India’s USDT premium has climbed above 8.5%, more than double its typical range, after Enforcement Directorate raids on crypto remittance firms disrupted the domestic stablecoin supply pipeline. USDT was trading at 102.88 Indian rupees on local platforms over the weekend, compared with a USD-INR interbank closing rate of 94.65 rupees. The spread usually holds closer to 3% to 4%, making the latest move a sharp dislocation in one of India’s most important crypto pricing indicators. The premium began widening after the ED conducted searches at 6 premises in Bengaluru on June 17 under the Foreign Exchange Management Act. ... (full story)