In a potential early policy shift on digital assets, the upcoming Economic Survey 2025-26 is likely to explore the regulated use of stablecoins as payment instruments in select scenarios, according to sources familiar with the matter.
The survey, prepared by the Chief Economic Adviser and traditionally presented a day before the Union Budget, is expected to recommend limited experimentation with stablecoins while outlining possible use cases, particularly in cross-border settlements, faster transaction processing, and improved capital efficiency.
Stablecoins — cryptocurrencies designed to maintain a stable value by being pegged to fiat currencies such as the US dollar or other assets — are being studied as part of a broader review of India’s digital finance ecosystem. Unlike volatile cryptocurrencies such as Bitcoin and Ethereum, stablecoins aim to minimize price fluctuations, making them potentially suitable for payments and remittances.
Officials indicated that any move toward regulated stablecoin usage would require a comprehensive framework covering issuer obligations, operational safeguards, reserve requirements, and compliance standards.
Currently, India has no dedicated regulatory regime for privately issued stablecoins.The development comes as the Reserve Bank of India continues to expand its Central Bank Digital Currency (CBDC) — the digital rupee — which remains the government’s preferred sovereign-backed digital asset.
Sources clarified that the evaluation of private stablecoins is aimed at exploring how both systems could coexist within a tightly regulated environment rather than replacing the CBDC.If the proposal gains traction, the finance ministry and regulators are likely to release a discussion paper detailing specific use cases, risk-mitigation measures, and licensing requirements for stablecoin issuers.
The final shape of any framework will depend on feedback from banks, payment companies, and other stakeholders.The possible inclusion of stablecoins in the Economic Survey signals a pragmatic reassessment of blockchain-based instruments at a time when India is strengthening its digital payments infrastructure while maintaining strict oversight of crypto-related activities.
