Not "we could not find any." We looked, and the shelf is empty. Here is the evidence, so you can decide whether that is an opportunity or a warning.
The central bank policy rate is 5.25% (Policy repo rate (SDF 5.00%, MSF and Bank Rate 5.50%)). source
INR, empty. No live rupee stablecoin at all. ARC (Anq/Polygon) missed its Q1 2026 target with no circulating supply, and the RBI in July 2026 signalled it wants regulated entities barred from private stablecoin exposure including rupee-backed ones. No tokenised Indian government debt found.
An empty shelf in a currency with a real policy rate is a gap between what savers are owed and what they can reach. It closes when someone with the licence to hold the underlying paper is willing to put a claim on it on-chain. Until then, holders of INR choosing to earn are choosing to hold a different currency, whether they have priced that decision or not. The calculator prices it.
See every currency or read how we establish that something is absent.