At a recent BFSI summit, Indian crypto leaders pushed the government to quickly introduce an **INR-backed stablecoin**, warning that dollar-pegged competitors pose a threat to India’s monetary sovereignty. They argued regulation clarity is needed to foster innovation and prevent capital flight. Some industry stakeholders believe an INR stablecoin could enhance remittance efficiency and reduce reliance on US-dollar-backed assets, framing it as India’s next “UPI moment.”