Stablecoins Pose ‘Existential Threat’ to Policy Sovereignty, Says RBI Senior Official: Report

The number two at the Indian central bank said that stablecoins are beneficial to economies such as the U.S. and Europe, to whose currencies the stablecoins may be linked. But in a country like India, they could potentially replace the use of the rupee in the local economy, Sankar said, thanks also in part to the transfer of profits made by the government by issuing currency to private players.