1. Executive Overview
INRY is India's first institutional-grade stablecoin pegged 1:1 to the Indian Rupee (INR). Designed for payments, settlements, and on-chain finance, INRY combines the stability of fiat currency with the programmability and efficiency of blockchain technology.
Key Highlights
- 1 INRY = ₹1.00 (always)
- 100% collateralized with high-quality INR reserves
- Real-time audited with daily on-chain attestations
- Compliance-first framework
- Available on BNB Smart Chain (BSC)
2. Problem Statement
The Indian digital economy faces several challenges:
- Forex Dependency: Indian users must convert to USD stablecoins, incurring conversion costs and volatility exposure.
- Settlement Delays: Cross-border and inter-bank settlements can take days.
- Limited Programmability: Traditional INR cannot be used in smart contracts or DeFi applications.
- Compliance Gaps: Existing stablecoins lack India-specific regulatory alignment.
3. The INRY Solution
INRY addresses these challenges by providing:
Native INR Stability
No forex conversion needed. 1 INRY always equals ₹1.
Instant Settlement
Fast transfers on BNB Smart Chain (BSC) with predictable fees.
Full Programmability
Use INRY in smart contracts, DeFi, and automated payments.
Regulatory Alignment
Built for Indian compliance from day one.
4. Technical Architecture
4.1 Smart Contract Design
INRY is implemented as a BEP-20 token on BNB Smart Chain (BSC) with additional features:
- Pausable functionality for emergency situations
- Blacklist capability for compliance requirements
- Upgradeable proxy pattern for future improvements
- Multi-signature controls for minting and burning
4.2 Mint/Burn Mechanism
INRY uses an elastic supply model:
- Minting: User deposits INR → Smart contract mints equivalent INRY
- Burning: User redeems INRY → Smart contract burns tokens → INR released
4.3 Network Support
| Network | Standard | Avg. Fee | Finality |
|---|---|---|---|
| BNB Smart Chain | BEP-20 | ~$0.05 | ~3 sec |
| BNB Smart Chain | BEP-20 | ~$0.05 | ~3 sec |
5. Tokenomics
5.1 Reserve Composition
- 60% - Cash in regulated Indian bank accounts
- 30% - Government bonds and treasury bills
- 10% - Overnight reverse repo positions
5.2 Fee Structure
- Minting Fee: 0.1%
- Redemption Fee: 0.1%
- Transfer Fee: Network gas only
6. Security Framework
- Smart contracts audited by CertiK, SlowMist, and OpenZeppelin
- Multi-signature treasury operations (3-of-5)
- Real-time monitoring with automated circuit breakers
- Bug bounty program with rewards up to $100,000
- SOC 2 Type II certified infrastructure
7. Regulatory Compliance
INRY maintains strict compliance with:
- Applicable Indian laws and regulations
- FATF recommendations for VASPs
- PMLA requirements for AML/KYC
- FIU-IND reporting obligations
8. Roadmap
Q4 2024 - Mainnet Launch
Initial launch on BNB Smart Chain (BSC)
Q1 2025 - Exchange Listings
Major Indian and global exchange integrations
Q3 2025 - DeFi Integrations
Lending, borrowing, and yield protocols
2026 - CBDC Interoperability
Integration with a future digital rupee