India USDT premium rises above 8.5%, supply shortage due to regulatory crackdown

CoinFeed June 29 news, according to Economic Times report, due to regulatory crackdown, there is a severe shortage of stablecoin supply such as USDT in India, and the premium has risen above 8.5%. The report points out that Indian law enforcement agencies previously took action against institutions providing crypto foreign exchange services, cutting off the remittance channels commonly used by overseas Indians, which in turn affected the supply of USDT in India. Currently, the trading price of USDT in the local Indian market is significantly higher than the international parity level.