Kolkata What does sending money with stablecoins mean?
It means sending money home using stablecoins. These are digital money designed to keep a steady value, usually one US dollar. The company that issues them holds reserves to back them. You send USDC or USDT from your wallet and it arrives in minutes. A licensed company then changes it into rupees and pays it into a bank account, or to a company for a bill.
The difference from a bank wire is the middle part. A wire moves from bank to bank over SWIFT (the network banks use to send money abroad), only during banking hours. Each bank can take a cut. A stablecoin moves on a public blockchain at any hour. The start (changing dollars into stablecoins) and the end (getting rupees out) still need regulated companies.
- YouSend from your bank
- Your bank$35–70 in fees
- Bank in the middleMay take a fee
- Indian bankRate 2–3% below
- Family1–3 working days, weekdays
- YouBank balance or USDC/USDT
- MuffinPayNo transfer fee
- Family’s bank or billerRupees, at the Google rate
- ReceiptSent back to you
Why can it be faster and cheaper?
Because fewer companies sit in the middle. There is no bank in the middle, no SWIFT closing time and no weekend pause. The network fee for a stablecoin transfer is usually a few cents. What is left is changing the money into rupees, and the company’s price for that decides whether the whole transfer is cheap or not.
Is it safe? The five risks to know
Checked 10 November 2026
| Risk | What it means | What protects you |
|---|---|---|
| Reserves behind the coin | A stablecoin is only as safe as the money held behind it | Rules that say every coin needs one dollar in reserve (US GENIUS Act, UAE rules), and monthly reserve reports |
| Wrong address or network | Money sent to the wrong place cannot be got back | Small test amounts, checking the address, and a service that pays named companies and accounts |
| Scams | Fake sellers, fake support staff, “guaranteed” rates | Never share keys or codes, and only use licensed services |
| Cost of changing to rupees | A big cut taken when paying out rupees | See the rupee amount before you confirm |
| Rules in India | Selling crypto in India means TDS (tax taken at the time of sale) and tax on profit | Send rupees to family, not crypto |
Who holds your coins: you or an exchange?
With self-custody, you hold the keys to your own wallet, so nobody else can freeze or lose your coins. With an exchange or a custodial app, the company holds them for you. Self-custody means a company failing can’t take your money with it. But you must keep your recovery phrase safe.
MuffinPay is built for self-custody: your USDC and USDT stay in your own wallet, with your own keys, until you send or pay.
What do the rules say in the USA, UAE and India?
- USA. The GENIUS Act was signed on 18 July 2025. Stablecoins used for payments must come from approved issuers. They must be backed at least one to one by cash, bank deposits and short-term US government bonds, with monthly reserve reports.
- UAE. The Central Bank’s Payment Token Services Regulation (2024) licenses stablecoins used for payments, and the companies that exchange and hold them. In Dubai, the Virtual Assets Regulatory Authority supervises crypto companies.
- India. Stablecoins count as crypto (virtual digital assets). They are legal to hold but are not official money. Sales have 1% TDS, and profit is taxed at 30%. Rupees arriving in an Indian bank account from abroad follow the normal rules for money sent from abroad.
Type how much you send. You will see how many rupees reach India with each option, and how many reach your family with MuffinPay, at today’s rate.
1 USD = ₹94.95
No transfer fee. The Google rate.
These are typical published prices, so each figure is a range, not a quote. Each company’s own app shows the final amount on the day you send. MuffinPay is not open yet. Founding Families on the waitlist get this pricing when it opens in their country.
Ammu’s hospital bill, on a Sunday
The hospital in Kolkata needed the bill paid before Ammu could go home on Sunday. Your bank couldn’t send a wire until Monday. You paid it from your USDC wallet that afternoon, and you and Ammu both got the hospital’s receipt.
New YorkWest BengalUSDC- Hospital bill
- ₹10,200
- Paid from
- USDC, your wallet
- Transfer fee
- None
- Paid to the hospital
- ₹10,200
Home from the clinic. Thank you, shona.Ammu · Kolkata · Sunday, 1:20 pm
How do you choose a service to send money with stablecoins?
- It shows the rupee amount before you confirm, and gives you the Google rate or tells you the difference.
- It exchanges and pays out through licensed partners in each country.
- It pays named bank accounts and companies, and gives you their receipt.
- It never asks for your recovery phrase.
- It tells you clearly which countries it works in.
Questions families ask
Is USDC safer than USDT?
Both are large, widely used dollar stablecoins backed by reserves. Circle, a US company that follows US rules, issues USDC. Tether issues USDT. When you send money home, the service you use matters most, and it should show you the rupee amount first.
Can a stablecoin lose its dollar value?
It can, for a short time, if people start to doubt the reserves behind it. Rules are there to stop that. Every coin needs one dollar in reserve, issuers publish regular reports, and you have the right to swap coins back for dollars. Stablecoins are not money in a bank and are not insured.
How fast is a stablecoin transfer to India?
The stablecoin itself moves in minutes. When the rupees arrive depends on the company that exchanges them and on the Indian bank. It is often the same day.
Is sending money with stablecoins legal in India?
Yes. Holding and sending stablecoins is legal in India, and they are taxed as crypto (virtual digital assets). Rupees that arrive in an Indian bank account from abroad follow India’s normal rules for money sent from abroad.
What is MuffinPay?
MuffinPay is a cross-border payments app built on stablecoins. Send money and pay bills for the people you love in another country: rent, electricity, school fees, insurance. Bills go straight to the biller, money lands in local currency, with proof.
What does a Founding Family get?
No MuffinPay transfer fee, for as long as you use MuffinPay, and the Google rate (the real exchange rate) on everything you send. Places go to the first families on the waitlist. MuffinPay opens country by country.