Enforcement Actions Cause Stablecoin Shortage and Price Premium Surge in India
India is experiencing a shortage of stablecoins like USDT, causing local prices to rise sharply, with premiums exceeding 8.5 over the inter-bank dollar-rupee rate. This surge follows Enforcement Directorate actions targeting entities facilitating crypto-based money transfers, disrupting a popular remittance method used by NRIs. The crackdown has tightened USDT supply, raising concerns about regulatory clarity and the need for clear crypto policies amid the evolving digital currency landscape.