The Enforcement Directorate alleged that unauthorized cross-border payment systems misused USDT and USDC stablecoins to bypass authorized banking channels and pay expenses in foreign countries.

From the articleED raids entities in Bengaluru, Madhya Pradesh for sending funds abroad using cryptoAlso in ED searches premises linked to Mudrex, Instadapp over alleged ₹4,600-crore FEMA violations, Mudrex, Instadapp face ED searches in $525 million crypto probe