India blockchain startups Dhiway and Xaults scale enterprise solutions

A surge in practical blockchain projects is reshaping India’s enterprise landscape, with Dhiway and Xaults securing NSRCEL grants to embed verifiable trust layers in sectors from agriculture to finance, while regulators warn that current stablecoins could threaten global stability and a new UAE partnership aims to smooth fiat‑crypto conversion【1】.

Enterprise‑grade blockchain in India

Dhiway’s platform adds a verifiable data layer to existing systems, enabling secure credentialing, transparent audit trails and real‑time KYC/KYB compliance across employment, agriculture, government benefits, financial services and telecom【1】. Founder Satish Mohan frames the shift as moving from “eliminating trust” to “enabling verifiable trust” within established workflows.

Xaults takes a user‑first approach, embedding blockchain invisibly behind intuitive interfaces. Its tokenised supply‑chain finance solution lets banks and NBFCs extend affordable credit to SMEs beyond Tier‑1 suppliers and supports cross‑border trade finance through importer‑backed trade tokens, boosting liquidity and transaction efficiency【1】. Founder Neeraj Singh stresses that the technology’s success hinges on being “invisible” to end users.

Both startups illustrate a broader trend: moving away from product‑centric hype toward solving high‑friction problems such as multi‑party transactions, compliance and supply‑chain financing. By collaborating with enterprises and public institutions, they embed blockchain within larger ecosystems rather than operating in isolation【1】.

Regulatory backdrop and cross‑border collaboration

While Indian ventures push practical adoption, the Bank for International Settlements (BIS) cautions that today’s stablecoins lack true redeemability at par with central‑bank money and are vulnerable to financial‑crime risks, potentially undermining monetary sovereignty【2】. The BIS calls for regulatory measures and a “unified ledger” to integrate tokenised commercial deposits with central‑bank reserves, citing the Project Agorá prototype that enables atomic, multi‑currency settlement of wholesale payments【2】.

In the UAE, Changer ae—a regulated virtual‑asset custodian—has signed an MOU with blockchain infrastructure provider UPay to develop compliant fiat‑to‑crypto conversion pathways. The collaboration will align UPay’s wallet and transaction technology with Changer’s custody and settlement framework, aiming to boost liquidity and accessibility for both retail and corporate users【3】.

What to watch

• BIS follow‑up: publication of the full Annual Economic Report 2026 (June 28) for deeper insight into stablecoin regulatory recommendations.
• Indian rollout: adoption metrics from Dhiway’s credentialing services and Xaults’ supply‑chain finance platform across target sectors.
• UAE integration: progress of the Changer‑UPay technical integration and any pilot launches of fiat‑crypto bridges.

These developments underscore a pivot from speculative blockchain narratives toward concrete, enterprise‑level applications that could redefine trust, efficiency and cross‑border finance—provided regulatory frameworks keep pace with the technology’s rapid evolution.