In 2025, stablecoin payment activity hit $390 billion, as McKinsey’s analysis with blockchain analytics firm Artemis Analytics shows. That figure eclipses the prior year, marking a sharp uptick.
Yet, compared to the trillions flowing through conventional payment networks, this number is still marginal.
Tokenisation is gaining traction, with SEBI’s Demat 2.0 pilot set to digitise corporate bonds. The initiative could streamline settlement, but legal clarity on ownership remains unsettled.
Vikaas M Sachdeva, CEO of BitDelta India, cautions that stablecoins are not bank deposits and stresses the need to vet issuer reserves and redemption policies. Vikas Gupta, Bybit’s India country manager, echoes the call for due diligence on custody and regulatory compliance.
Regulators are poised to tighten oversight; forthcoming RBI guidelines on virtual digital assets may dictate the pace of adoption. Traders should monitor the evolving framework, as it will directly influence market liquidity and risk exposure.