What a dollar actually costs in India, measured every trading day
CryptoTimes India · Stablecoin Premium Indices
Two indices track the gap between India-facing stablecoin order books and the official dollar rate — one for USDT, one for USDC. Each fixes daily and samples live through the day.
Latest fix · 27 Aug 2026 36 official fixes archived
Dollar access
What one dollar of stablecoin costs in rupees, per index.
Sorted by clean premium · cheapest first
| Index | Fix rate | Clean premium | Raw premium | Live | Venues | Detail |
|---|---|---|---|---|---|---|
| India USDT Premium CTPI-USDT-SPOT-INR · methodology v0.5.6 | ₹99.6300 | +4.43% | +4.41% | +4.55% | 4 | |
| India USDC Premium CTPI-USDC-SPOT-INR | Figures unavailable | |||||
Live figures are indicative samples taken through the day. They are never part of an official series.
How the daily fix is calculated
Each index samples order books at its eligible venues through the daily fixing window, then reduces those samples to one reference price. The premium is that price measured against the ECB-derived USD/INR reference.
The two indices aggregate differently, by design. CTPI-USDT takes an unweighted median of valid exchange midpoints: Indian venues publish self-reported volume with no verifiable trade tape, so weighting by volume would hand influence to whichever venue inflates its numbers most. CTPI-USDC takes a depth-weighted median, because with only two eligible venues an unweighted median would let a single thin book move the fix.
Each index publishes its own methodology in full. The revision under each index code above links to it.
Why isn’t the USD/INR reference the RBI rate?
The reference is derived from European Central Bank euro reference rates, as EUR/INR divided by EUR/USD. The ECB publishes these openly and permits commercial reuse with attribution, so any third party can reproduce our denominator from the same public file.
India’s official benchmark is not redistributable on those terms. Our figures are therefore not the RBI reference rate and should not be described as such.
What is the difference between raw and clean premium?
Raw premium is what a buyer in India actually pays over the dollar reference — the number that answers “how much more is this costing me?”
Clean premium divides out the coin’s own deviation from its dollar peg, isolating the India-specific portion. Because it removes an effect that has nothing to do with Indian market structure, it is the figure on which the two indices are compared and sorted.
Can I cite these figures?
Yes. Each index publishes its own citation line for the current fix:
Source: CryptoTimes India USDT Premium Index (CTPI-USDT-SPOT-INR), 2026-08-27 daily fix. https://www.cryptotimes.io/data/india-usdt-premium-index/
Historical fixes are archived and any restatement is logged, so a figure cited on a given date remains traceable to the basis it was published under.