India’s Top Economic Adviser Flags Risks of USD Stablecoins to Global Monetary Order
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- India’s Chief Economic Adviser Nageswaran warns USD stablecoins challenge monetary control
- He flagged risks to seigniorage and financial sovereignty, especially in emerging markets
- Global USD stablecoin market exceeds $300 billion; India cites UPI as domestic buffer
The rising dominance of the U.S. dollar–backed stablecoins could disrupt global monetary frameworks. This warning has come out from India’s Chief Economic Adviser, V. Anantha Nageswaran. Speaking in Mumbai, he warned the increasing adoption challenges traditional monetary systems, especially in emerging economies seeking to safeguard financial sovereignty.
Why It matters now
The stablecoin market has crossed $300 billion in value, with steady growth through 2025. That scale draws banks, funds, and payments firms toward rails that settle in dollar tokens rather than local currency, raising poli…
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