Tether USDT Premium Jumps Above 8.5% on June 29 After India Enforcement Directorate Crackdown

According to The Economic Times, Tether's USDT stablecoin premium jumped above 8.5% in India on June 29 after the Enforcement Directorate (ED) cracked down on five crypto payment firms in Bengaluru. The ED claimed these firms facilitated unauthorized cross-border transfers worth over $265 million via virtual digital assets.

Following the crackdown, market makers and liquidity providers retreated from USDT purchases, tightening supply. On June 26, USDT traded at INR 102.88 against the USD-INR pair at 94.65, reflecting the widened premium. Prior to the enforcement action, USDT premiums typically remained within the 3-4% range.