Why Indian Crypto Users Rely on Stablecoins More Than on Bitcoin Exposure
- Stablecoins drove 38.5% of WazirX H1 2026 volume, topping Bitcoin and Layer-1 assets.
- USDT and USDC link INR with global crypto markets without requiring Bitcoin exposure.
- RBI warns dollar-linked stablecoins may weaken monetary control and capital-flow rules.
India’s crypto economy is often described through Bitcoin ownership. Yet 2026 platform data points to a second force: stablecoins. USDT/USDC provides dollar-linked liquidity that users can trade, transfer, or hold without taking direct exposure to Bitcoin’s price.
WazirX reported that stablecoins generated 38.5% of its H1 2026 trading volume. Bitcoin, Ethereum, and other Layer-1 assets contributed 28.4%. Those figures cover WazirX alone, but they show how heavily one Indian platform uses dollar-linked assets.
CoinSwitch found that Bitcoin was the preferred asset in nine of its ten largest state market…
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