India to Launch Government-Backed Token with Blockchain for Increased Stability

India aims to launch a new stablecoin, tentatively called the Asset Reserve Certificate (ARC), backed by government securities. This project involves collaboration between blockchain company Polygon Labs and fintech firm Anq. ARC is designed to ensure value stability through direct backing from Indian government debt instruments like Treasury Bills. This means each token will be tied to real-world assets, not private or foreign funds, making it a more secure and reliable option compared to existing stablecoins.