Episode Details

India’s Tether stablecoin just hit an 8.5% premium over the dollar — a sharp spike triggered by a major crackdown on crypto payment firms in Bengaluru. Authorities raided six locations and accused five companies of enabling $265 million in illegal cross-border transfers via USDT, creating an underground remittance channel that bypassed banking rules. With market makers pulling back and domestic demand still strong, the sudden supply squeeze has sent prices soaring locally as regulators dig into how digital assets are being used to skirt traditional financial systems.

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