September 16, 2025
In an exclusive conversation with Blockwind News’ Anjali Kochhar, Edul Patel outlines the role of stablecoins, India’s regulatory opportunity, and how Mudrex is preparing for the next bull run.
Q. What role do you see stablecoins playing in the broader crypto ecosystem over the next 3–5 years?
Over the past year, the crypto ecosystem has started to segment, with stablecoins emerging as critical financial infrastructure that solves real-world problems in global money movement. Today, stablecoins facilitate close to $30 billion in daily transactions. That may sound large, but it’s still less than 1% of global money flows. The growth trajectory, however, is extremely strong.
We’ve also seen positive signals from policymakers. The GENIUS Act in the US is an important step toward legitimizing stablecoins within regulated frameworks. At the same time, major corporations from JP Morgan to Amazon are developing their own stablecoin solutions. This indicates a fundamental shift in how digital payments will evolve.
In the next three to five years, I believe stablecoins will become the backbone of international commerce. As regulatory clarity emerges globally, standardized guidelines will give institutions the certainty they need for full adoption.
Q. With regulatory scrutiny growing worldwide, what kind of framework would you like to see implemented in India?
India is the world’s largest remittance-receiving country, with over $135 billion flowing into the country every year. If we regulate the stablecoin space properly, we could save nearly $10 billion annually in intermediary fees, taxes, and markups. That’s a huge opportunity.
From a regulatory perspective, a nuanced approach is crucial. Stablecoins, Bitcoin, and utility-based tokens each serve distinct purposes and should be treated differently. Putting them under a single umbrella risks oversimplification. Segment-specific rules will build clarity, boost trust, and encourage innovation.
Q. USDT and USDC dominate the market today. Do you see room for region-specific or INR-backed stablecoins in India?
The biggest use case of stablecoins right now is cross-border transactions. Since global trade is dominated by the US dollar, dollar-pegged stablecoins are the most relevant for international settlements.
At least in the early stages, it makes more sense to rely on highly liquid and widely adopted stablecoins like USDT or USDC. They can drive adoption and bring in standardized regulations. Region-specific or INR-backed stablecoins might come later, but they’re not essential for solving the immediate challenges of international trade.
Q. There are concerns about the reserve backing of stablecoins. What should retail investors look for before trusting one?
The safety of any stablecoin depends on how well it is backed. First, investors should look for transparency. Does the issuer publish regular audits? According to the GENIUS Act in the US, issuers must be backed 100% one-for-one by dollars or low-risk liquid assets such as Treasury bills. That’s the gold standard.
Second, look at the track record of the issuer. Are there any past incidents of suspicious activity or mismanagement? Ultimately, a stablecoin is only as trustworthy as the confidence it builds through transparency, liquidity, and compliance. Retail investors should prioritize these fundamentals over chasing high yields.
Q. How does Mudrex balance risk and innovation in such a volatile market?
At Mudrex, our approach rests on two pillars: education and reliability. On the product side, we want crypto investing to be as simple as stock market investing. That’s why we built “Coin Sets,” an index-based investment product that lets users invest in an SIP format. It encourages long-term investing and helps reduce risk from volatility.
Parallelly, we invest in investor education. We work with experts, creators, and livestreams to make sure Indian investors understand the risks and opportunities. Our vision is to build a crypto investor ecosystem in India that is as informed and disciplined as the stock market investor base.
Q. How do you differentiate between speculation and long-term investing in crypto assets?
In crypto, real wealth is created in the long term. It’s about believing in the technology, its applications, and the pace of adoption. That’s why we’ve always emphasized SIP-style investing—it brings discipline and accessibility.
Speculation, however, is natural in an emerging market. Many investors try to take advantage of volatility through derivatives. Both play a role in the ecosystem, but eventually the transition moves toward conviction and long-term value creation.
Q. How have Indian investors behaved differently since the introduction of tax regulations and TDS?
The taxation of Virtual Digital Assets in 2022 was a landmark move. The government wanted to monitor activity and protect investors while encouraging innovation. The downside was the 1% TDS per transaction, which drove about 90% of trading activity to offshore exchanges.
On the positive side, the policy nudged investors toward long-term holding instead of short-term trading. As India works on clearer regulation, the next few years will be decisive for investor confidence and mindset.
Q. Looking ahead, how is Mudrex preparing for the next bull run?
We’re focused on building products for both long-term investors and seasoned traders. On the one hand, we’ve introduced zero-fee SIP investing and keep expanding our token baskets to encourage consistent participation. On the other, we provide derivatives trading with the lowest fees in India and the widest trading pairs.
We’re also upgrading our technology to handle sudden spikes in volume during bull runs. The idea is to ensure reliability while giving both traders and investors the best experience.
