In a CBDC-centered digital asset ecosystem, banks play the role of trusted, compliant institutions, crucial for onboarding users and ensuring the CBDC’s integrity.

In recent years, digital currencies have surged in popularity, transforming the way we perceive and use money. Two of the most prominent digital currency innovations are Stablecoins and Central Bank Digital Currencies (CBDCs).

India has witnessed monumental changes in how payments have evolved over the past decade. Not only has the payment infrastructure transformed, but customer behavior and trust in digital payments have also seen a massive spike. Compared to the total volume handled by the Unified Payments Interface (UPI) in January 2022, which was 461 crore, it skyrocketed to over 21,61,000 crore in August 2024, marking a growth of over 4,500 times in just two years.