Qume to Bring Fair Tether USDT Pricing In India
Qume is all set to launch its services in India. After the culmination of the CryptovsRBI case in the Supreme Court of India, followed by a favourable verdict, we are looking forward to presenting the world’s fastest crypto derivatives exchange to the people of India.
The Indian Crypto Market
Our study of the Indian crypto markets has revealed some amazing insights, especially concerning stablecoins.
Stablecoins were supposed to tackle the inherent volatility usually seen in crypto prices and track fiat 1:1, offering a means to people who wanted a safe place to store their assets while serving as on-ramps for users looking to purchase other cryptocurrencies.
While it all looks good on paper, in the real markets, stablecoins are anything but stable.
On average, some stablecoins either trade significantly above or below their peg, reflecting the market perception of the risk profile associated with the coins along with its volume in circulation.
Tether in India
Tether(USDT) is the most popular stablecoin in existence with a market cap of almost $4.3 bn. Unfortunately, when it comes to India, there is a huge price discrepancy associated with Tether, the go-to stablecoin for most.
The most recent Bitcoin’s price plunge, saw the premiums shoot up to 20% with USDT trading at 90 INR on some exchanges, while the USD peg remained at 75 INR.
This was not a one-time event, USDT on average deviates significantly from its peg on most Indian crypto exchanges, hurting sellers and buyers alike.
The exchanges assure citizens that the deviations are a product of demand-supply mechanics and there is no manipulation, but the users think differently.
Whatever the case may be, the people of India are not happy when it comes to the instability of Tether’s price.
https://twitter.com/cryptokanoon/status/1239799112960110592
https://twitter.com/abnexusindia/status/1238437049142632449
Qume to the Rescue
The crypto sphere is rife with reports of internal market-making, coordinated pump-and-dump schemes, Index manipulations etc.
There is an acute need for crypto regulation and our goal since Day 1 has been to give our users a platform where they can trade crypto without the fear of fraud and manipulations.
We are happy to announce that with Qume, Indian users will be able to buy Tether(USDT) at global rates, close to its true price. We intend to provide a fair pricing mechanism to all our users which will ensure that users are not forced to choose exchanges which manipulate prices for their gain.
India deserves crypto. India deserves Qume.
