More Indians Abroad Sending Money via Crypto as USDT Premium Reaches 4-5%
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- USDT trades at a 4-5% premium in India, providing more rupees per dollar for remittances.
- $1,000 sent via USDT fetches ₹93,150 compared to ₹88,600 through banks.
- Market estimates suggest 3-4% of remittances have shifted from banks to stablecoins.
A change is happening in how some Indians working abroad send money home. For approximately two months, a small portion of funds remitted by overseas workers has been arriving as stablecoin instead of through traditional bank transfers.
USDT trades at a 4-5% premium in India, making crypto remittances more valuable than bank transfers. While USDT serves as a dollar proxy, its price hovers around ₹93 in India compared with the current INR-USD exchange rate of ₹88.6 per dollar.
Premium creates arbitrage opportunity
This creates a financial advantage for remittance senders. $1,000 sent by a worker from UAE or U.…
Read The Full Article More Indians Abroad Sending Money via Crypto as USDT Premium Reaches 4-5% On Coin Edition.
In This News
Coins
$ 0.0769
-4.00%
$ 1.00010
+0.01%
$ 0.690
$ 0.0887
-4.70%
$ 0.000218
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In This News
Coins
$ 0.0769
-4.00%$ 1.00010
+0.01%$ 0.690
$ 0.0887
-4.70%$ 0.000218
Share:
Read More
Bitcoin Soars: Remarkable Rally Propels BTC Above $65,000 Milestone
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More Indians Abroad Sending Money via Crypto as USDT Premium Reaches 4-5%
Share:
- USDT trades at a 4-5% premium in India, providing more rupees per dollar for remittances.
- $1,000 sent via USDT fetches ₹93,150 compared to ₹88,600 through banks.
- Market estimates suggest 3-4% of remittances have shifted from banks to stablecoins.
A change is happening in how some Indians working abroad send money home. For approximately two months, a small portion of funds remitted by overseas workers has been arriving as stablecoin instead of through traditional bank transfers.
USDT trades at a 4-5% premium in India, making crypto remittances more valuable than bank transfers. While USDT serves as a dollar proxy, its price hovers around ₹93 in India compared with the current INR-USD exchange rate of ₹88.6 per dollar.
Premium creates arbitrage opportunity
This creates a financial advantage for remittance senders. $1,000 sent by a worker from UAE or U.…
Read The Full Article More Indians Abroad Sending Money via Crypto as USDT Premium Reaches 4-5% On Coin Edition.
In This News
Coins
$ 0.0769
-4.00%$ 1.00010
+0.01%$ 0.690
$ 0.0887
-4.70%$ 0.000218
Share:
In This News
Coins
$ 0.0769
-4.00%$ 1.00010
+0.01%$ 0.690
$ 0.0887
-4.70%$ 0.000218
Share:
Read More
Bitcoin Soars: Remarkable Rally Propels BTC Above $65,000 Milestone