INR Stablecoins Can Save India Billions, Says CoinDCX CEO

INR Stablecoins Get Push from CoinDCX CEO

In a pivotal push for digital innovation in India, CoinDCX CEO Sumit Gupta advocates for INR stablecoins. He argues that the tokens could save billions, opening doors to greater efficiency, reduced costs, and broader financial inclusion nationwide. With the global stablecoin market already surpassing $150 billion, Gupta believes India can't afford to miss out on the potential of a rupee-linked digital asset.

CoinDCX CEO Advocates INR Stablecoins, Know Why

In a series of X posts, CoinDCX CEO Sumit Gupta has drawn the attention of India's crypto community – nearly 100 million users, which is about 7.1% of the total population – to the significance of INR stablecoins.

While the global stable asset market has already grown past $150 billion, India is still lagging behind in launching its own INR stablecoin. “This is a gap India can’t afford to ignore specially when stablecoins can lower costs, speed up payments & expand financial access,” noted Gupta.

According to the CoinDCX CEO, tokens pegged to Indian currency could cut remittance costs, empower exporters, drive inclusion, and strengthen the Indian rupee digitally. However, certain baseless concerns are becoming a barrier to the adoption of an INR-backed cryptocurrency.

Further, Sumit Gupta shed light on the potential benefits of utilizing INR-backed crypto for remittances. India received over $125 billion in remittances in 2024, the world's highest. With the stablecoin market, these transfers could cut fees by up to 90% compared to traditional SWIFT transfers. With direct payouts into UPI-linked wallets, transfers would be instant and low-cost, meaning more money ends up in the hands of Indian families instead of being lost to intermediary fees.

Common Concerns

Significantly, the CoinDCX CEO clarified the common misconceptions surrounding fiat-backed cryptocurrencies. While some compare them to 19th-century “wildcat” banking, Gupta believes that regulated stable tokens are fully backed and transparent. He added that INR stablecoins, backed 100% by rupee, could position India’s currency as a global leader.

There are also fears that fiat-pegged cryptocurrencies could lead to financial instability. However, the exchange head stated, “If INR stablecoins are fully reserved & regulated, redemption fears are nearly irrelevant.”

Another misconception pointed out by him was that “stablecoin fragment money.” Providing clarity into the matter, he posited that INR-backed tokens will be a new payment rail like the already existing instruments, like UPI, Paytm, Amazon Pay, wallets, etc. In addition, the industry leader dismissed the prevailing fear that fiat-pegged assets could "destabilize government securities.”

There was also a fear that these crytos could "destabilize government securities.” According to him, the reality is that issuers increase demand for short-term safe assets. Globally, these issuers invest tens of billions into ultra-short treasuries, acting as steady buyers rather than reckless sellers.