A common confusion: you Google 'USDT price', see $1.00, then check Binance P2P and find ₹91 (which is closer to ₹91 ÷ ₹86 = $1.058). Why the gap?
What Google/CMC shows
Google and CoinMarketCap pull from major spot exchanges (Binance spot, Coinbase, Kraken) where USDT/USD is the actual ticker. That price hovers $0.998-$1.002 — purely the stablecoin's tracking error against the dollar.
What P2P shows
P2P shows the price in INR including the local premium. ₹91 ≈ $1.06, where the extra ~6 cents is the India premium plus a tiny merchant spread.
How to think about fair value
Fair value of USDT/INR for an Indian buyer = USDINR × USDT/USD + India premium. With USDINR at 86 and a 5% premium: 86 × 1.00 × 1.05 ≈ 90.3. Anything ₹91+ is a thicker premium; anything ₹89.5 is the 'cheap' end.
Key takeaways
- Google = global USDT/USD ($1.00).
- P2P = local USDT/INR including India premium.
- Fair value ≈ USDINR × (1 + premium); premium is currently 5-7%.
- Both prices are real; they measure different things.
