India's USDT and USDC Indexes Set Record Premiums Amid Binance's Withdrawal Pause

India-focused indexes for Tether (USDT) and USD Coin (USDC) set record premiums on Oct. 30, showing sampled local prices had risen well above dollar-linked reference levels.

The USDT index posted a 7.19% peg-adjusted premium at 3:05 a.m. ET (07:05 UTC), with a sampled price of ₹101.9250. USDC's index reached 7.85% at 3:01 a.m. ET (07:01 UTC), at ₹102.7000; both used a reference rate of ₹95.2691 per dollar.

Binance said its hot wallets were compromised around 4:05 p.m. ET Oct. 29 (20:05 UTC). On Oct. 30, the exchange said it had temporarily suspended withdrawals during security reviews, while deposits and unaffected services remained operational. TokenPost previously covered the withdrawal pause.

The index history does not establish that the pause drove the records. USDT's previous daily fix was 6.46% on Oct. 29, before the compromise, while USDC's daily premium had remained above 7% in every fix since Oct. 23.

The indexes adjust for each stablecoin's deviation from $1 and compare sampled exchange order books with a rupee-dollar reference. The USDT reading draws on five Indian exchanges and the USDC reading on two, so the figures are index measurements rather than market-wide quotes.