Zerodha Co-Founder Warns Against Dollar Stablecoins in India

Nikhil Kamath, co-founder of Indian brokerage firm Zerodha, has spoken out against the use of dollar-backed stablecoins in India. In a recent post, he warned that relying on these types of cryptocurrencies could deepen India's dependence on US monetary infrastructure at a time when countries are actively seeking to reduce their reliance.

Kamath pointed to the growth of non-dollar currency pairs and payment systems outside of SWIFT as evidence of this trend. He noted that India's own UPI system has been an example of building independent financial rails, and praised the Modi government and regulators for resisting pressure to adopt dollar-linked crypto.