Key Highlights
- Coinbase has announced the introduction of USDC-INR trading for easier conversions for its Indian customers.
- The INR-USDC pair is only available to verified users at the moment.
- The new update will be rolled out on all Coinbase products, including mobile and advanced trading platforms.
Crypto exchange Coinbase has officially launched USDC-INR trading services for its customers in India, marking a step toward enabling smoother crypto-to-fiat transactions in one of the largest cryptocurrency markets.
In an announcement shared on X today, Coinbase said Indian users will soon be able to trade the USDC-INR market pair on Coinbase Exchange. The service will be expanded in phases to other Coinbase products, including Coinbase.com, the mobile app, and Coinbase Advanced platforms, over the coming weeks.
Rollout and availability
Coinbase has not provided specific timelines for adding fiat on-ramps and off-ramps for this pair. However, the phased rollout suggests a measured approach to address compliance and user experience considerations.
The INR-USDC pair will only be available for Indian customers who have already been verified on the Coinbase Exchange. The launch also offers an institutional solution for users who may have been using P2P solutions.
For some years now, Coinbase has been making a big effort to enter the Indian market despite the fact that India levies a 30% tax on profits earned from cryptocurrencies as well as a TDS of 1%. This indicates that Coinbase believes in India’s long-term prospects for crypto.
Discontinuation of perpetual futures
In a separate development, Coinbase has discontinued trading on 25 perpetual futures on its Advanced and International Exchange today. The list of the futures includes TRB-PERP, RARE-PERP, NEIRO-PERP, XTZ-PERP, ENS-PERP, ORDI-PERP, EGLD-PERP, and others.
The futures have been automatically settled based on the average index price during the last 60 minutes before the cessation. According to Coinbase, the decision was made with the intention of providing better derivative markets by concentrating only on those futures that satisfy liquidity and market quality requirements. The move aims to help Coinbase offer more liquidity and better price integrity to users, as well as add more derivatives to its portfolio.
Crypto in the Indian context
India continues to rank among the leading countries in crypto adoption, according to the Chainalysis 2025 Global Crypto Adoption Index. Despite regulatory challenges, the country has a large retail sector that makes use of cryptocurrencies due to remittances, savings, and trading, which boasts 100 million users.
The tax structure is very rigid, levying a flat 30% tax rate on all capital gains from virtual digital assets and a 1% withholding tax on crypto transactions. Gains and losses cannot be offset against each other. These rates have been carried forward into the 2026 budget, with tighter regulations expected from April 2026.
Cryptocurrency exchanges need to get themselves registered with the FIU-IND under PMLA. There is no specific crypto legislation yet, but India continues to show strong interest in the technology.
Broader impact
As regulations around crypto continue to develop globally, this move reflects Coinbase’s approach of operating within the framework of each jurisdiction while broadening availability to stable currencies pegged to the dollar.
The introduction of USDC-INR trading may support greater integration between digital assets and traditional financial systems in India, particularly given the country’s high level of crypto adoption.
Also Read: UK Eyes Unified Framework for Stablecoins and Tokenized Deposits
