Supply crunch lifts stablecoin premium above 8.5% in India

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AI summary

India is facing a shortage of stablecoins like USDT, with its local premium rising above 8.5 percent. The surge follows Enforcement Directorate actions against entities facilitating crypto-based money transfers, disrupting a popular remittance channel for NRIs. The crackdown has highlighted regulatory ambiguity around crypto and renewed calls for clearer policy frameworks.