New Delhi, Dec. 14 -- For years, the Reserve Bank of India (RBI) has been expressing its discomfort with cryptocurrencies, highlighting concerns around volatility, investor protection, and financial stability. But RBI deputy governor T. Rabi Sankar, speaking at Mint's Annual BFSI Conclave 2025 on Friday, flagged risks associated particularly with stablecoins, considered as the more sensible, utility-driven corner of the crypto universe.

Mint takes a look at this growing asset class, and what it may mean for India's financial system.

Stablecoins are a category of cryptocurrencies designed to maintain a stable value, usually by pegging them to relatively secure assets such as fiat currencies, commodities, or other financial assets. First ...