Core Insights - The rising popularity of U.S. dollar stablecoins is expected to pose challenges for global monetary policy in the coming year [1] - The global market capitalization of U.S. dollar stablecoins has exceeded $300 billion, driven by favorable regulations in the U.S. [3] Group 1: Monetary Policy Implications - The introduction of dollar stablecoins will create challenges for monetary transmission and seigniorage benefits for countries [1] - Stablecoins will compete with banks as financial intermediaries and in attracting customer deposits [2] Group 2: Regional Context - India's existing instant domestic payments system, Unified Payments Interface (UPI), reduces the necessity for stablecoins compared to advanced economies [2] - India is currently not inclined to create legislation to regulate cryptocurrencies [3]