An off ramp is the step where a stablecoin becomes money in a bank account.
A stablecoin off ramp is a service that turns stablecoins such as USDT or USDC into money in a bank account. In India you will meet three types: exchanges that buy your coins for rupees, peer to peer markets where you sell to another person, and settlement services that convert the coins to dollars outside India and credit rupees through a bank with an eFIRA. The type you need depends on whether the payment settles an invoice.
On ramp and off ramp
An on ramp turns money into coins, for example when you buy USDT with rupees. An off ramp does the reverse and turns coins into money. A freelancer paid by a client in USDC usually needs the off ramp only, because the coins arrive from the client and the goal is rupees in a bank account.
The three types of off ramp in India
| Type | How it works | Who it suits | Paperwork |
|---|---|---|---|
| Exchange | You deposit coins into an account, sell them on the order book and withdraw rupees | People who hold coins as an investment | Trade statement, withdrawal record, 1% TDS |
| Peer to peer | You sell directly to another person who pays you in rupees | Small sales when other routes are inconvenient | Chat history and a bank credit |
| Settlement service | Your client pays in stablecoins, the coins convert to USD outside India and rupees arrive through a bank | Freelancers and businesses paid against invoices | An eFIRA with a purpose code |
Why an off ramp for business income is different
Foreign currency earned from a client abroad is expected to arrive through an Authorised Dealer Category I bank. When it does, the bank issues an eFIRA, which is the document your accountant, your bank and a GST officer look for. When a client sends coins to your personal wallet, no bank is involved, so no eFIRA exists. A settlement service puts a bank back into the flow, which is why freelancers who invoice clients usually choose that type. Our guide to inward remittance in India explains the rule behind this, and FIRA for freelancers explains the document.
What an off ramp does behind the scenes
Every off ramp does the same four things: it receives the coins, converts them to money, settles that money to your bank account and keeps records. The difference lies in who does each one and where. With DashX, a PACB licensed partner in India runs the cross border leg and gives access to Bridge, which converts the coins to USD outside India, and to JPMorgan, which settles the rupees and issues the eFIRA. Who handles what shows each licence.
Terms you will meet
| Term | Plain meaning |
|---|---|
| Stablecoin | A token built to hold the value of one currency, usually the US dollar |
| Network | The blockchain a coin travels on, such as Polygon, Base, Arbitrum or Solana |
| Wallet address | The string of characters a payer sends coins to |
| Virtual collection account | A bank account number issued for you so incoming payments are matched to you. See virtual bank accounts for freelancers |
| eFIRA | The electronic remittance advice a bank issues when foreign currency arrives |
| Purpose code | The RBI code that says what the payment was for. Use the purpose code finder |
| Authorised Dealer Category I bank | A bank permitted to receive foreign inward remittances in India |
| PACB | Payment Aggregator Cross Border, an RBI authorisation for non bank companies that collect cross border payments |
Frequently asked questions
What is the difference between an on ramp and an off ramp? An on ramp turns money into coins and an off ramp turns coins into money.
Is using an off ramp legal in India? Selling coins on a registered exchange is legal and taxed under the virtual digital asset rules. Settlement services route foreign currency through authorised banking channels. See are stablecoins legal in India.
Do I need an off ramp if a client pays me in USDC? Yes, if you want rupees. Your choice of off ramp decides whether you also receive an eFIRA.
Which off ramp is best for freelancers? For payments that settle invoices, a settlement service that issues an eFIRA. Our comparison of ways to convert USDT to INR sets out the trade offs. If you also want to hold foreign currency, read about foreign currency accounts in India.
Need an off ramp that comes with an eFIRA? Sign up for DashX
