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

Police raids on crypto payment firms in Bengaluru, India, disrupted the supply of Tether's dollar-pegged USDT to local platforms, pushing its Indian price more than 8.5% above the dollar — roughly double the usual gap. The crackdown severed a key pipeline feeding stablecoins to Indian crypto exchanges, triggering a sharp local premium.