Nikhil Kamath, co-founder of Zerodha, has raised concerns about the suitability of dollar-backed stablecoins for India’s long-term financial ecosystem. He suggested that India explore gold-backed stablecoins as an alternative. Such a model could help monetise the substantial idle household gold holdings in the country, providing a new avenue for digital finance. Additionally, this approach may reduce India’s reliance on dollar-dominated digital financial systems, supporting the nation’s strategic economic interests. Kamath’s proposal highlights the potential for integrating traditional assets like gold into modern digital currency frameworks within the Indian market context. Zerodha co-founder Nikhil Kamath questioned the long-term suitability of dollar-backed stablecoins for India and proposed exploring a gold-linked stablecoin.