Yes, India has three upcoming projects for Rupee-pegged stablecoins: Polygon’s ARC, TrueINR(TINR), and Indychain INR (IINR). There are several other projects at various stages of development.
Put simply, India will have at least 3 Rupee stablecoins by 2026.
Is There a Rupee Stablecoin?
No, as of Jan 2026, there are no Rupee-backed or Rupee-pegged Stablecoins. However, three projects are about to launch their Rupee-stablecoins.
- Polygon’s Rupee-based Asset Reserve Certificate is a Stablecoin that is not actively Rupee-pegged but is referenced to it.
- TrueINR, a project that is about to launch a rupee-pegged Stablecoin in 2026.
- Indychain, an upcoming Layer-1 Blockchain and cryptocurrency which will launch Shivrai (a rupee-referenced Stablecoin).
Why has no one issued a Rupee Stablecoin?
Currently, there are no active Rupee-backed stabecoins in India because the Indian currency, i.e., INR, is a capital-controlled asset, meaning it requires active support from the Government of India to issue INR-denominated money inside and outside India.
This is particularly difficult because the current Indian policy towards cryptocurrencies (including Stablecoins) is that of a “sin asset”. This results in heavy taxation (a 30% flat tax on profits), stringent laws (around reporting and holding), a shadow customs ban (cannot take wallets with USDT in or out of India), and much more.
Is It Officially Approved?
No, none of the INR Stablecoins is officially approved or recognized by the Reserve Bank of India (official issuer of INR) or the Government of India.
This is because the Government of India and its institutions have an official stance to make the CBDC work. Since CBDC is a direct competitor to any Rupee-backed stablecoin, they both clash with each other.
Frequently Asked Questions
What are the Top 5 Stablecoins?
The top 5 Stablecoins are USDT, USDC, Ethena USDe, DAI, and PYUSD.
Which is the safest Stablecoin?
Stablecoins with a large market cap are usually considered safe, such as USDC and USDT.
Disclaimer: The current article by The Layer is for informational purposes only and does not constitute trading or investing advice. Please refer to a financial consultant before trading or investing.
