CoinDCX CEO Sumit Gupta urges India to adopt rupee-backed stablecoins to cut remittance fees and boost India’s stablecoin adoption.

CoinDCX co-founder and CEO Sumit Gupta has urged India to adopt stablecoins for cross-border payments. He believes the technology can save the country billions every year in remittance fees. His comments followed Finance Minister Nirmala Sitharaman’s comments on stablecoins at the 4th Kautilya Economic Conclave 2025 in New Delhi.

Stablecoins Can Save India Billions in Remittance Fees

Gupta shared his opinions about X (formerly Twitter) shortly after the Finance Minister’s comments. India receives more than $125 billion in remittances every year, he said, the most in the world. He added that the transfer fees of stablecoins could be lowered from 6-7 to 1-3%, saving billions.

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Gupta said that India has already developed a very strong fintech ecosystem at the global level. He thinks stablecoins have the potential to use the blockchain to facilitate better cross-border transactions. He also emphasised that stablecoins can facilitate faster and more affordable payments by Indian households. Recently, India topped the crypto adoption list of Chainlink.

There are two options for countries, said Gupta: either explore stablecoins or face exclusion of countries from digital finance. He called on India to occupy a leading position rather than wait for other nations. Many fintech professionals stood by his statement and called for regulatory clarity.

Gupta suggested a 100% rupee-backed stablecoin that is regulated by the Reserve Bank of India (RBI). He said such a stablecoin could help build trust, increase security, and increase the pace of payments. He further said that the reserves of the stablecoins should be in INR fully, and to ensure transparency.

Further, he said remittances using blockchain could help bring more money into Indian families. This move would also strengthen India’s position in the global financial system.

Regulatory Support Needed for Stablecoin Growth

Gupta also addressed the issues of stability and regulation. He said a clear regulatory framework as seen in the U.S. and Europe is needed. According to him, robust oversight will help avoid any financial risks and at the same time support innovation.

He believes that India should treat stablecoins “as a part of its digital payment network and not as a competition”. For now, Gupta compared stablecoins with the existing systems of UPI and digital wallets, saying they can work with each other. He added that stablecoins can provide another interoperable layer in the payment system in India.

Experts agree that a rupee-backed stablecoin can increase financial inclusion. It would enable instant and cheap transactions between India and other countries. This could also benefit small businesses and families who rely on overseas remittances.

The news of Bitwise Aptos filing in the US is representative of a global shift towards blockchain-based finance, according to industry reports. Analysts say India can profit by making similar products in a regulated manner. They think such steps would lead to foreign investment and better liquidity in domestic markets.

At this point, Gupta emphasised why the delay in regulation could leave India behind its global industry. He called for action to ensure India is the front-runner in digital finance innovation.

If it is adopted, a rupee-backed stablecoin has the potential to redefine the way India handles remittances. It could save billions in fees, improve liquidity and strengthen India’s economic growth. Gupta’s proposal opens a clear path for modernizing the digitization of India’s financial system by regulating digital assets.