Crypto News India – On July 8, 2025, a 1 Finance report confirmed India’s position as the world’s top country for cryptocurrency adoption for the second time in three years. This milestone, underscores India’s enthusiasm for digital assets, including stablecoins like USDC and USDT, despite a punitive tax structure of 30% capital gains, 1% TDS, and the new 18% GST imposed by exchanges like Bybit on July 7.
The stablecoin list is central to India’s crypto boom, with stablecoin examples like USDT driving trading and remittances due to their pegged stablecoin prices. Unlike volatile assets like Bitcoin (to clarify, Is Bitcoin a stablecoin? No, it’s not) or XRP (not a Stablecoin XRP), stablecoins offer stability for India’s 100 million+ crypto users. The report highlights retail interest in DeFi and cross-border payments, fueled by India’s tech-savvy youth and unbanked population.
However, high taxes threaten this momentum, traders may shift to DeFi to bypass costs. India’s restrictive policies contrast with the U.S.’s GENIUS Act stablecoin bill, which encourages innovation through clear reserve rules, per Reuters. The GENIUS Act passed the Senate on June 17, 2025, setting a global benchmark. India’s regulatory caution, aims to curb risks but may stifle growth. As stablecoin adoption surges, India must balance oversight with innovation to maintain its lead.
