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India remains on the sidelines as the stablecoin race accelerates across Asia, with bureaucratic stalemate delaying clear rules and approvals. Overlapping mandates and cautious risk postures impede progress on licensing frameworks, issuer oversight, and compliant on‑ramps that could enable rupee‑linked on‑chain settlement or regulated fiat‑backed tokens. Regulatory clarity would define how banks, fintechs, and exchanges handle reserves, KYC/AML, and connections to payment networks, and could open pathways for more efficient remittances and trade settlement. Prolonged uncertainty cedes momentum to regional peers that move ahead with pilots and partnerships, heightening the risk that local innovators, talent, and capital seek friendlier jurisdictions.