The Reserve Bank of India (RBI) has reiterated its cautious stance on crypto assets and stablecoins, emphasizing that central bank money should remain the primary settlement asset. The RBI advocates for prioritizing central bank digital currencies (CBDCs) over stablecoins, stating CBDCs can offer similar benefits like efficiency and instant settlement with the credibility of central bank money. While stablecoins have grown, their market capitalization remains small relative to the broader crypto market.