India's debt-backed stablecoin challenge to US dollar dominance explained

South China Morning Post·Tuesday, November 18, 2025·market

SCMP details how New Delhi-aligned technologists are pitching a rupee stablecoin fully backed by sovereign debt to let energy importers and Global South partners settle trades outside the greenback.

Read full article on South China Morning Post

stablecoin:INR debt-backed stablecoinissuer:GIFT City fintech consortiumregulator:Reserve Bank of Indiaregulator:Ministry of Finance (India)

Coverage from 4 other sources

CoinDeskIndia's debt-backed ARC stablecoin eyes tentative Q1 2026 debut EtherWorldIndia's first sovereign-backed stablecoin ZebPayPolygon developing India's government backed stablecoin CryptopolitanIndia to launch rupee-backed ARC stablecoin in early 2026

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