Rupal Majmudar

Will India introduce a government-backed INR stablecoin within months after Finance Minister Nirmal Sitharaman’s statement on stablecoins on October 4th Key highlights 1/ Nations must prepare to engage with stablecoins and new forms of money, whether they welcome them or not. Innovations like stablecoins are transforming money and capital flows—forcing countries into binary choices: adapt to new monetary architectures or risk exclusion from the evolving global financial system. 2/ No nation can insulate itself from systemic change 3/ Stablecoins, cryptocurrencies pegged to fiat assets like the US dollar to maintain value, are increasingly used for cross-border payments and remittances. 4/ Countries now face a binary choice to engage with new forms of money or risk being left out of the evolving economic order. Whether we welcome these shifts or not, we must prepare to engage with them 5/ India’s capacity to absorb shocks is strong. Stablecoins can streamline trade and remittances, reducing costs by up to 90% versus traditional wires. 6/ But we must also address risks like money laundering and capital flight flagged by the RBI. Our policy must find the right balance. FM Sitharaman's message on stablecoins marks an inflection point for India's regulatory story. Acknowledging that nations must now engage with digital currencies is a big step towards a practical, consultative approach. Policy must bridge innovation with safeguards, so India can unlock new remittance efficiencies while protecting monetary stability. What are your views? Will India create a regulated stablecoin framework that bridges traditional finance and crypto innovation?

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What if Stablecoins and AI Agents took over the payment systems tomorrow? I drafted this scenario for you (+ key companies working on it): We will see major changes in players and activities happening in all payments layers: 1. Value Layer 2. Settlement Layer 3. Clearing Layer 4. Network Layer 5. Processing Layer 6. Acceptance Layer Ideally: Payments will shift from being slow, manual, and rule-bound by intermediaries → to being instant, automated, programmable, and orchestrated by AI agents using stablecoins + some companies are already working on it: Fipto offers the Model Context Protocol (MCP), an advanced orchestration layer that bridges treasury systems with programmable AI agents. Cloudflare launched NET Dollar, a US dollar-backed stablecoin designed specifically for AI-driven commerce and microtransactions. Google released the Agent Payments Protocol (AP2), an open standard enabling AI agents to send, approve, and settle payments using stablecoins like USDC. Orium focuses on B2B stablecoin payments, enabling AI agents to securely transact in complex treasury operations. x402 Protocol is an emerging API-level payment protocol that allows AI agents to make machine-to-machine payments with stablecoins. Lot is coming, this is just an initial and high-level scenario. — ❇️ Share it if you find it valuable, comment with your thoughts and follow to keep learning about stablecoins and the future of e-money.

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🇨🇭Did you know that Switzerland is one of the biggest investors in US Tech companies? ⬇️ The SNB (Switzerland National Bank) holds more than $42bn in just five companies — Amazon, Apple, Meta, Microsoft and Nvidia — making it a major Silicon Valley investor. Its stake in Apple alone is worth nearly $10bn and its stake in Nvidia is more than $11bn. Now we just need to build larger Swiss champions 🔥🇨🇭 Article: Financial Times - Link in the comments

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Vietnam just launched a national blockchain platform. And it's not just for crypto. It’s for nationwide data infrastructure. 👉 Digital identity 👉 Product traceability 👉 Government records 👉 Smart contracts 👉 Scalable public-private validation Meet NDAChain, a Layer 1 permissioned blockchain, built with 49 validator nodes from both government and private sector giants like Zalo, Masan, MISA, and the Ministry of Public Security. This isn’t a test. It’s the backbone for Vietnam’s digital economy. They’re blending: ✅ Centralized control  ✅ Decentralized trust  ✅ Real-world integration Why it matters: ↳ Verifies citizen identities across 100M+ people ↳ Secures real-time data for public services ↳ Complies with GDPR & W3C DID ↳ Uses ZKP, PoA consensus & supports 3,600 TPS ↳Already integrates with EU’s EBSI system ↳Open for Layer 2 innovation & startup ecosystem Vietnam’s strategy is clear: Blend decentralization + governance. Build digital trust at scale. And open doors for global trade & innovation. This is what forward-thinking national digital infrastructure looks like. Next two weeks in Vietnam is going to be big . GM Vietnam and ETH Vietnam are two largest events in Hanoi and Ho Chi Minh City. We will host Web3preneur Vietnam edition Let's explore Vietnam Ecosystem together . Let's Connect #Blockchain #DigitalIdentity #Vietnam #NDAChain

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💥 Google enters the tokenization race with its own blockchain 👇 Rich Widmann, Head of Web3 Strategy at Google, announced the launch of Google Cloud Universal Ledger (GCUL) — a novel Layer 1 designed for financial institutions. Key features: high performance, credibly neutral infrastructure, and Python-based smart contracts. CME Group is the first partner to integrate, having completed phase one testing of GCUL for wholesale payments and asset tokenization. Direct market participant testing starts later this year, with commercial services expected in 2026. ➡️ Why this matters Institutional blockchain adoption is shaped by competitive dynamics: rivals rarely use each other’s rails. - Tether won’t build on Circle’s blockchain. - Adyen won’t transact on Stripe’s blockchain. But any financial institution can build on GCUL. That neutrality could prove decisive. Will GCUL become the backbone for banks and asset managers? Stay tuned. ✅ Want learn more about business of digital assets and tokenization? Join 20,000+ readers at Tokenization Insight to get the latest market insights 👉 https://lnkd.in/eCZyphum

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Bitcoin and Crypto Bitcoin is not Crypto. But a far bigger idea. It is blockchain's first use case to build a digital store of value. Store of value is a USD 1000 trillion TAM (with real estate, equities, bonds, gold etc) and bitcoin is quietly and surely disrupting it. However, Crypto/Web 3 has a definite place (a big one!) in humanity's future, particularly in the age of AI AI will accelerate Web 3 and Web 3 will symbiotically accelerate AI. The scale up of AI will depend on our ability to solve for "trust" as AI will create a lot of fakes. Blockchain provides trust and data integrity to AI. It is near certain in my mind that web 3 transition will accelerate in the age of AI and we'd all have innumerable uses of quantum resistant cryptographic signatures/keys. Web 3 solves for sovereignty and Web 2 provides convenience so medium term may be hybrid but overtime Web 3 will be convenient too. That's how big arcs of technologies develop. Human beings are on the arc of evolution and we will look back at this period with awe and wonder. 500-700 years after Jesus Christ was born, we started using AD and BC. After a few centuries, we may refer to this era as AS and BS (After Satoshi and Before Satoshi) - it may seem absurd now, but we may be undermining the shift underway led by AI, blockchains and energy. It is a different world we are porting into when the previous millennia would look unrecognizable. SatoshiWealth

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A decade ago, the idea of a blockchain‑backed debit card would have belonged in science fiction. Last week, our team proved it belongs in everyday life. We funded a test account, minted USBC tokens directly on‑chain, and settled a purchase through the Visa network. That sentence represents months of sleepless nights by a team spanning compliance, engineering, and product. It also represents hope. When I first started building companies, I was told we’d never run couriers on software; then Kiwi Express became the largest courier network of its kind. Later, people laughed at the notion of buying wine online; Porthos proved they’d underestimated consumers. The pattern is clear: progress starts as a question, becomes a prototype, and eventually becomes “the way things are.” Our test swipe may look like a geeky experiment, but it signals that borderless finance can be simple, secure, and regulated. We didn’t touch the bank’s core ledger; we minted the value transparently and, within seconds, paid a merchant for a real product. I keep coming back to the human implications. Imagine a migrant worker who currently waits days to send money home. Imagine a young entrepreneur in Lagos who needs a stable currency to pay suppliers. Imagine a farmer in Vietnam who wants to save in dollars but can’t get a U.S. bank account. With USBC, these scenarios become reality: people can hold U.S. dollars in token form and spend or redeem them instantly in their local currency. It doesn’t erase every inequity, but it removes a fundamental barrier. Milestones like this remind me that innovation isn’t about flashy headlines; it’s about making complex systems simple for the people who need them most. It’s about asking ‘What if?’ and then doing the hard work to make it happen. This is one small step in a long journey, but it’s one I’m immensely proud of. We’re not here to ride a trend; we’re here to build the rails for a more inclusive financial future.”

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Stablecoins live and die by their issuers. The peg alone doesn’t make them safe, What really counts is the issuer’s liquidity, compliance & the ability to survive stress. so here’s my take on the Stablecoin Issuer Tier List (2025) 🪙 🐂𝗕𝘂𝗹𝗹 𝗧𝗶𝗲𝗿 (𝘁𝗵𝗲 𝗶𝘀𝘀𝘂𝗲𝗿𝘀 𝘁𝗵𝗮𝘁 𝗿𝗲𝗮𝗹𝗹𝘆 𝗮𝗻𝗰𝗵𝗼𝗿 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁) ⟢ @Tether_to : The biggest settlement rail in crypto. Unmatched liquidity everywhere, but no full audit = a constant risk premium. ⟢ @circle : Compliance-first with Big Four attestations. Trusted by banks/fintechs, the closest thing to “regulated money” onchain. ⟢ @SkyEcosystem : actually cycle-tested and now bridging RWAs into DeFi. i sensed proven resilience + scaling for Bull. ⟢ @LiquityProtocol : Tiny float but the hardest decentralized issuer. ETH-only, immutable & censorship-resistant. 🦀𝗖𝗿𝗮𝗯 𝗧𝗶𝗲𝗿 (𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗼𝗿𝘀 𝘄𝗶𝘁𝗵 𝘁𝗿𝗮𝗰𝘁𝗶𝗼𝗻 𝗯𝘂𝘁 𝘁𝗿𝗮𝗱𝗲-𝗼𝗳𝗳𝘀) ➜ @fraxfinance : Hybrid + AMO playbook = capital efficiency. But governance/parameter risk keeps it here. ➜ @ethena_labs : Explosive growth with delta-hedge synthetic model. Adoption is real, but untested in a funding crisis. ➜ @paxos : USDP + PYUSD are compliance-first. Strong rails, but adoption still mid-tier vs leaders. ➜ @aave : GHO is overcollateralized and well integrated in Aave markets, but liquidity is still niche. ➜ @Ripple : Licensed + NYDFS-approved with ~$700M float. but usage is mostly confined to XRPL/Ethereum. ➜ @circle EURC: MiCA-aligned euro rail. it's strategic in EU, but dollar stables still dominate globally. 🐻𝗕𝗲𝗮𝗿 𝗧𝗶𝗲𝗿 (𝗰𝗿𝗲𝗱𝗶𝗯𝗹𝗲 𝗯𝘂𝘁 𝘀𝗺𝗮𝗹𝗹, 𝘀𝗵𝗮𝗸𝘆 𝗼𝗿 𝗲𝗮𝗿𝗹𝘆) ➺ @FDLabsHQ : Grew fast on Binance rails. It's not “shady” but over-concentrated on one venue. ➺ @Gemini : GUSD) is Fully compliant but float + usage are tiny rn. ➺ @tusdio : TUSD got a trust eroded by custodian/reserve issues & liquidity is fragmented. ➺ @MountainUSDM : Transparent with yield-pass design. but its still early & needs integrations. ➺ @worldlibertyfi : has BitGo custody & compliance pitch, but adoption has barely started. ➺ @usualmoney : USD0++ depeg & poor comms wrecked trust. i'd say its still recovering. ➺ @FalconStable : Growth & partnerships are on paper, but 90% supply stuck on Ethereum. tbh it's too thin for higher tier. ➺ @A7A5official : sanction-driven rails & peg instability. i'd say not a safe issuer. now 𝗳𝗿𝗼𝗺 𝘄𝗵𝗲𝗿𝗲 𝗶 𝘀𝗲𝗲 𝗶𝘁 ~ stablecoin issuers aren’t equal. some win on scale, some on compliance, some on decentralization.🤷‍♀️ What would your Bull, Crab and Bear tier list look like?🤔

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The Nasdaq just showed us the future of capital markets. By 2026, every listed share could exist in two forms: • The system we know today • A tokenised version running on blockchain rails Why it matters: • Trading around the clock, not just market hours • Settlement in seconds, not days • Ownership programmable for compliance, voting, or transfers The approach is pragmatic. Nasdaq isn’t reinventing the wheel, it’s plugging into DTCC’s AppChain (Hyperledger Besu) and adopting ERC-3643, the emerging standard for permissioned securities tokens. Citi, Mastercard, and Visa are already at the table. We’re seeing the shift from experiments to infrastructure: • Galaxy tokenised its own equity last week, the first Nasdaq-listed company to do so • Coinbase and Robinhood are preparing tokenised stock offerings • Ondo Finance already lists 100+ tokenised U.S. stocks and ETFs Until now, most “tokenised stocks” were just derivatives, no issuer involvement, no shareholder rights. That changes here. If equities, bonds, and funds move on-chain under full compliance, it won’t just be innovation. It will be a once-in-a-generation overhaul of global capital markets. The Nasdaq is first. The rest won’t have a choice.

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Coinbase’s x402 protocol could change how AI companies make money Coinbase’s x402 protocol lets any application — not just AI agents — pay for services instantly over the internet using stablecoins. When a client makes a request, the server can reply with a “Payment Required” message (HTTP status code 402), the client sends the exact amount from its wallet, and the payment clears in seconds. Because stablecoins make it cheap and easy to send even tiny amounts across borders, this unlocks new business models like pay-per-API call, per-second billing, or per-download pricing that settles into your account in real-time - traditional credit cards and bank transfers can’t support this. Sure, agents can already transact on my behalf with today’s payment rails. And yes, even with stablecoins I still need to grant wallet access, set spend limits, and permissions. But here’s where stablecoins make it interesting: 1️⃣ Near-instant settlement 2️⃣ Better cross-border reach 3️⃣ Lower transaction costs Credit cards break here — high per-transaction fees kill sub-$1 payments, settlement can take days, and cross-border fees make global AI services messy. With stablecoins, that friction disappears, opening up real micro-payment models: - Pay-Per-Crawl – AI crawlers pay per request (think Cloudflare’s model). - Pay-Per-Inference – At Cerebrium we already bill per second per compute used, but sub-cent charges that clear instantly? That’s new. Pay-Per-Task – Attempt a task until completion, capped at a set spend limit. Why it matters: Micro-payments = faster revenue realization → more liquidity → quicker reinvestment. Same principle that helped Pipe win by unlocking cash earlier for SaaS companies. Every payment network will have stablecoins, and every stablecoin will be in payment networks. Stripe’s Bridge acquisition signals they’re heading this way too so it would be interesting to see if they adopt it. Questions: - Which industries would benefit most if payments could be measured in seconds of usage instead of monthly subscriptions - Where could instant micro-payments actually fail to deliver on the promise? Link to more about x402 in comments #startups #ai #stablecoin #genai #aiagents #

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