India's stablecoin market is experiencing a significant premium on USDT, reaching over 8.5%, as the Enforcement Directorate (ED) intensifies its crackdown on cross-border remittance channels. The premium, which typically ranges from 3-4%, spiked to ₹102.88, contrasting sharply with the USD-INR rate of 94.65. This surge is attributed to the ED's actions against entities using USDT for international fund transfers, a method popular among Indian expatriates for its efficiency and cost-effectiveness. The ED's enforcement is based on concerns that such transactions may breach the Foreign Exchange Management Act (FEMA), despite the legitimacy of the funds involved. This regulatory pressure highlights the absence of clear crypto guidelines in India, which is now seen as an additional market burden. The Indian Parliament's Standing Committee on Finance is set to discuss crypto policy directions with the central bank and ICAI on July 2. Meanwhile, FATF data indicates that stablecoins were involved in 84% of the $154 billion in illegal virtual asset transactions in 2025, underscoring the need for enhanced regulation in India.