Coinbase CEO Says India Should Create Regulated Rupee Stablecoin to Prevent Dollar Dominance

According to recent social-media summaries of his conversation with Zerodha co-founder Nikhil Kamath, Coinbase CEO Brian Armstrong has argued that India should create a regulated rupee-backed stablecoin or risk seeing users adopt dollar-backed alternatives such as USDT or USDC.

Armstrong's argument frames stablecoins as a strategic currency issue. If blockchain-based payment rails become widely used, countries lacking regulated local-currency options may see demand shift to dollar tokens for trading, remittances and cross-border payments. The Reserve Bank of India has taken a skeptical stance; RBI Deputy Governor T. Rabi Sankar warned in December 2025 that stablecoins could undermine monetary policy, facilitate illicit payments and weaken sovereign control over money, advocating instead for India's digital rupee.