India’s local price for Tether’s USDT stablecoin rose more than 8.5 percent above the dollar on June 29 amid tighter enforcement on crypto payment firms.
USDT traded around 102.88 rupees while the official dollar-rupee rate stood near 94.65. The spread, normally 3 to 4 percent, widened after the Enforcement Directorate searched six Bengaluru premises linked to five crypto payment firms.
The agency alleged the firms moved more than $265 million in unauthorized cross-border transfers using USDT. Market makers reduced overseas sourcing of the token, reducing domestic supply while demand remained strong.
The Enforcement Directorate named Transak, Carret, Xpat/Remit2any, Onramp.money and Onmeta in the June 19 action. It said the firms operated an informal remittance channel that bypassed formal banking approvals under the Foreign Exchange Management Act.
India’s Parliamentary Standing Committee on Finance is scheduled to meet Reserve Bank of India officials on July 2 to discuss virtual digital assets.
