India is getting its first Stablecoin

In the crypto market, stablecoin is a very important component, and the majority of the points that we have are supported by the US government; however, we have some others also. Still, the denomination for the US dollar is very high, and this dominates the market well; however, some countries have their stablecoins backed by their own fiat currency.

Now India is going to be in the list as they are going to have their stable coin, which will be backed by the INR and in a way, it will be supported by the Indian treasury. Stable coin is a mechanism through which we get a coin in the crypto ecosystem that is supported by fiat currency, and that's a value addition which happens on the fiat currency as well. There can be multiple use cases of this table coin, for example, if we look at the USDT, it is integrated on various platforms apart from just the exchanges.

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India is going to have its stablecoin, which will be launched on the Polygon blockchain chain. So it will also have its use case, and probably it is going to bring more value to the Indian treasuries. This is a good start, where a lot of people would be able to use their own stablecoins, and obviously, they can use other coins as well. However, it will give a boost to their fiat currency, and they can use this stablecoin for various purposes on different platforms.

It will also increase the demand for Indian tragedies because if more people buy the stable point there will be a necessity that more treasuries and bonds will be used to support the investment and in a way this money will be going to the government which will extend them the economics but it is a long term game and there are multiple layers involved in between however the outcome is going to be a great value addition to the country.

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