USDT trades at a 7% to 10% premium on Indian exchanges on June 30, 2026, according to CoinDCX and CoinSwitch. The premium, which reached roughly ₹102.88 per USDT against an official rate of 94.65 rupees per dollar, exceeds the typical 3% to 4% spread. USDT’s market cap stood at $184.68 billion, making it the largest dollar‑pegged stablecoin. CoinDCX executive vice president Minal Thakur said the INR price reflects local order‑book depth versus the global dollar reference and that India’s net buying of crypto often creates a shortage of sell‑side liquidity near the global price. CoinSwitch co‑founder and CEO Ashish Singhal added that the premium signals the arbitrage band and that exchanges set prices only through buyer‑seller interaction. Both stated they impose no hidden fees beyond disclosed brokerage. The premium coincided with heightened exchange activity and followed Enforcement Directorate remarks on USDT payments, though the agency did not alter supply levels. Tax rules — a flat 30% levy on gains, a 1% transaction TDS, and limits on loss offsets — have contributed to reduced liquidity and price dislocations. Similar premiums have appeared in other markets when demand outpaces supply. The episode shows how regulatory and tax conditions can influence stablecoin pricing in emerging markets.