Interview With Mudrex CEO Edul Patel: India Could Lead the Stablecoin Revolution If It Acts Fast

Estimated reading time: 8 minutes

Stablecoins are having their moment. Globally, their transaction volumes have surged past those of PayPal, and with the U.S. passing the GENIUS Act, the narrative is shifting from speculation to utility. Jeremy Allaire, CEO of Circle, even described stablecoins as “the highest utility form of money ever created,” anticipating an “iPhone moment” for this asset class. 

For Edul Patel, co-founder and CEO of Mudrex, that moment could very well take shape in India—and not just in theory. 

“I strongly echo Jeremy’s view,” he says. “Especially in the Indian context, stablecoins can become our UPI moment for instant global payments.”

India’s credentials back that claim. The country processed over $135 billion in remittances in the last fiscal year, which is the highest in the world. Patel argues that switching to stablecoins could save as much as $10 billion annually in fees and settlement delays. 

With the right regulatory clarity, he believes India can lead the stablecoin movement much like it did with UPI, enabling an entire ecosystem of Web3 wallets, fiat ramps, and cross-border apps “built in India, for the world.”

For this edition of Expert Insight, I spoke to Edul about the real promise of stablecoins, why India’s regulatory delay is holding back innovation, and how big tech’s entry into the space may shape its future. 

Stablecoins Are Surging Globally. So Why Is India Still Waiting?

The following is the complete interview between Edul Patel and Harshajit Sarmah, founder and editor of Crypto India Magazine. In this Q&A, he breaks down myths, outlines possible frameworks, and makes a strong case for why stablecoins, and not just CBDCs, could reshape India’s financial future.

CIM: Beyond trading, which stablecoin use cases do you believe are truly scalable today, and which are more narrative than reality?

Patel: Cross-border payments and remittances are hands down the most powerful and scalable real-world use case for stablecoins right now. Migrant workers sent over $656 billion to low- and middle-income countries, more than what these countries get through foreign direct investment or aid. That’s massive. 

Replacing legacy wire transfers with stablecoins could save billions in fees, delays, and friction, putting more money directly in the hands of people who need it most.

With the recent approval of the GENIUS Act by the US Senate, the market for stablecoin-based payments is going to expand in no time. Financial and retail giants like JP Morgen and Walmart have already started exploring stablecoin payments. Eventually, we could see sector-specific stablecoins change the way people shop and store value. 

While there is a lot more time for this change to take place on the ground level, the foundation is being laid for this in terms of regulation, infrastructure development, and more.

CIM: Stablecoins have surpassed PayPal and are approaching their ATH in volume globally. Why hasn’t that momentum translated into consumer-level use cases in India yet?

Patel: India is still awaiting a formal discussion paper that will outline the regulatory approach to crypto, including stablecoins. Once this framework is clearer, we may see targeted adoption, particularly in areas like cross-border payments and fintech innovation. With the right guardrails, stablecoins could complement India’s digital finance ecosystem and open new opportunities for both consumers and startups. The upcoming regulatory clarity will be key to opening new doors to this potential.

CIM: Are we overestimating stablecoins’ role in financial inclusion, or is the opportunity real for underserved markets?

Patel: The opportunity for stablecoins to drive financial inclusion in underserved markets is very real and arguably underestimated. In regions with limited banking access, unstable local currencies, or high remittance costs, stablecoins can offer an alternative with instant, low-cost, and borderless financial services globally. For example, in Africa and Southeast Asia, stablecoins are already being used for remittances, savings, and commerce. As mobile penetration grows and on/off ramps improve, their impact will only deepen.

CIM: What’s holding back India from providing regulatory clarity around stablecoins, and what kind of framework would you like to see?

Patel: The job of a regulator is difficult. They need to prioritise consumer safety while also allowing the industry to innovate itself. For crypto or stablecoins with global implications, the policymakers need to maintain extra caution to bring a framework that complements the global framework and helps bring a standardised set of regulations.

In my opinion, India should adopt a hybrid compliance model to regulate Stablecoins. Combining traditional fintech KYC standards with blockchain-specific on-chain analytics could be the way to make regulators more comfortable with stablecoin adoption. Exchanges and wallets can enforce identity checks at entry/exit points, while real-time wallet screening and transaction monitoring ensure traceability. 

Additionally, introducing FEMA-style limits, such as a $250,000 annual cap, can prevent misuse. This balanced approach enhances user safety, ensures regulatory oversight, and builds confidence in the ecosystem, positioning India as a forward-looking regulator that embraces innovation without compromising compliance.

CIM: With the RBI pushing for CBDCs, do you see a future where both stablecoins and CBDCs can co-exist, or are we heading for a confrontation?

Patel: CBDCs and stablecoins can absolutely co-exist in India, provided there are clear regulatory boundaries and differentiated use cases. The RBI’s push for CBDCs focuses on domestic retail, government transfers, and monetary control, while stablecoins serve a niche yet global market of cross-border payments. Rather than confrontation, we’re likely to see a complementary model where CBDCs drive sovereign infrastructure and stablecoins enable global interoperability. Regulatory frameworks would ensure stablecoins operate within sandboxed or institutional environments, protecting monetary stability while encouraging innovation.

CIM: What are the biggest myths you encounter about stablecoins when speaking to traditional finance stakeholders or policymakers?

Patel: One of the biggest myths is that all stablecoins are inherently risky or prone to collapse, often due to confusion with failed algorithmic models like TerraUSD. In reality, leading fiat-backed stablecoins like USDT and USDC are fully reserved, regulated, and regularly audited. 

Another common misconception is that stablecoins are unregulated or used solely for trading, when in fact they enable cross-border payments and lending. Many also wrongly believe they facilitate illicit finance, overlooking the transparency of public blockchains. 

The recent GENIUS Act has further added legitimacy to the use of Stablecoins, with more and more countries moving to regulate the space following the US.

CIM: With Amazon, Walmart, and other giants exploring stablecoins, are we witnessing a fintech disruption led by corporates instead of banks? What could that mean for startups like Mudrex?

Patel: Today, the dynamics of the financial landscape have changed to an extent where even retail/non-financial corporations are entering into the financial space (e.g, Amazon with its Amazon Pay and Walmart with the acquisition of ONE Finance) to cater to different sets of audiences. 

By exploring their own stablecoins, corporates aim to create unique use cases that are specific to their sector to improve engagement and adoption via different channels. This trend could open doors for new opportunities for B2B startups like Saber Money to help in on/off ramp, help in maintaining compliance, and manage money movement effectively.

CIM: What risks do you foresee in the corporate stablecoin trend, especially if big tech ends up controlling a major share of daily transaction flow?

Patel: The trend of corporations issuing stablecoins could bring competitive pressure as they might create closed ecosystems, making it difficult for new players to enter the market. If big tech companies gain significant control over daily transactions through their own stablecoins, it could lead to increased market concentration, potential systemic impact from technical failures, and rising concerns around reserve transparency and consumer protection could arise. 

To address these risks, a robust regulatory framework must mandate transparency, ensure interoperability, enforce consumer safeguards, and promote open standards. Encouraging public-private collaboration can also help maintain a competitive and inclusive digital payment landscape.

CIM: How significant is the GENIUS Act for the future of stablecoins in the U.S., and potentially globally? Do you think this bill finally offers the regulatory clarity the industry has been waiting for, or are there still gaps?

Patel: The GENIUS Act is a landmark moment for the stablecoin industry, offering the first clear signal that the U.S. is ready to embrace digital asset innovation within a structured regulatory framework. Under the new framework, stablecoin issuers can register with the U.S. government, must maintain 1:1 fiat backing with regular audits, and are required to comply with strict anti-money laundering (AML) regulations. By outlining standards for issuance, reserve backing, and consumer protection, it brings much-needed clarity that could help mainstream adoption and institutional participation.

While it’s a major step forward, some operational and cross-border regulatory nuances may still need refinement. Globally, the Act sets a strong precedent, providing a model for other countries, including India, to craft innovation-friendly policies that support growth while ensuring financial stability and user trust.

CIM: Do you think India or other emerging markets should take cues from the GENIUS Act when drafting their own stablecoin regulations?

Patel: Yes, India and other emerging markets should take cues from the GENIUS Act, but tailor its principles to local economic and regulatory contexts. The Act offers a clear, balanced framework, mandating fiat reserves, issuer licensing, and transparency, that can serve as a strong foundation. For India, adopting similar guidelines could reduce regulatory uncertainty, mitigate systemic risks, and support cross-border use cases like remittances.

However, local concerns like capital controls, banking system compatibility, and tax clarity must also be addressed for the regulation on stablecoins to work seamlessly. A calibrated, innovation-friendly approach can help India build secure, interoperable infrastructure and position itself as a global leader in digital financial regulation.

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Editorial Note: This article is based on an interview with Edul Patel. The introduction has been adapted into a narrative format for improved readability and clarity, but no insights have been altered.

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