India's Chief Economic Adviser, V. Anantha Nageswaran, has raised concerns about the increasing influence of USD stablecoins on global monetary systems. He emphasized the potential risks these digital assets pose to financial sovereignty, especially in emerging markets. Nageswaran pointed out issues such as seigniorage loss and the migration of transaction demand from government-issued currencies to private digital assets. The USD stablecoin market has now exceeded $300 billion, prompting India to highlight its Unified Payments Interface (UPI) as a safeguard against these challenges.