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Stablecoins can undermine trust in currency, financial system: RBI dy guv
Business Standard
|December 13, 2025
India’s approach towards stablecoins must be guided by caution as it can undermine trust in the currency and finance system, said T Rabi Sankar (pictured), deputy governor of Reserve Bank of India (RBI) on Friday.
Speaking at the Mint Annual BFSI Conclave 2025, Sankar pointed out that stablecoins do not serve any purpose that cannot be served by fiat money.
He said India already benefits from a payments landscape that is highly efficient, reliable, and robust. With UPI, RTGS, and NEFT offering fast, low-cost, and secure payment capabilities to millions of users, there is little justification for integrating stablecoins into the financial system — even before considering the broader risks they pose, Sankar said.
“We have seen that stablecoins lack the basic attributes of money, their advantages are neither unique nor unambiguous and their risks are all too real,” the deputy governor said.
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