Indian crypto users are increasingly using stablecoins such as USDT to purchase everyday goods through overseas gift-card platforms. Users send crypto from private wallets to platforms in countries including Sweden, Germany and Singapore, which issue vouchers usable at local stores, fuel stations, delivery apps and jewelers. One platform has issued more than 16 million cards, according to The Economic Times. Indian regulators are examining the model for potential gaps involving cross-border payments, taxation and anti-money-laundering rules. Platforms have also shared details with India’s Ministry of Finance.
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