Russia’s central bank is reconsidering its long-standing opposition to stablecoins, according to local reports. First Deputy Chairman Vladimir Chistyukhin said that the Bank of Russia will conduct a study this year on the feasibility of creating a Russian stablecoin.
Previously, Russia had consistently opposed plans for centralized stablecoins. However, Chistyukhin said foreign practices now require a new assessment of risks and prospects.
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Moscow resumes stablecoin discussions
This shift suggests a strategic rethink rather than an immediate policy change. Still, the timing is notable.
Over the past year, the United States passed the GENIUS Act, establishing a federal framework for stablecoin payments.
This law formalized 1:1 dollar backing and reserve transparency requirements.
As a result, U.S.-backed stablecoins have gained institutional legitimacy and expanded their use in cross-border payments and digital asset settlements.
At the same time, the European Union is accelerating the development of a digital euro and a MiCA-compliant euro stablecoin led by major banks.
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European policymakers see these efforts as necessary to maintain monetary sovereignty and reduce dependence on foreign digital currencies.
Against this backdrop, Russia risks falling behind in the race to create digital currency infrastructure. Stablecoins currently serve as core liquidity rails in global cryptocurrency markets and increasingly in trade settlements.
If dollar- and euro-backed tokens dominate cross-border flows, Russian companies could become even more dependent on foreign regulatory instruments.
Sanction pressure and sovereignty issues
Furthermore, sanctions and restrictions on Russia’s access to traditional payment networks are gaining urgency.
Domestically controlled stablecoins could, in theory, provide an alternative payment mechanism for international partners transacting outside Western systems.
Even exploring the concept shows that Moscow is aware of the geopolitical aspects of stablecoin infrastructure.
But the risks remain high. Russian stablecoins require reliable reserves, legal clarity, and trust from trading partners. Without transparency and fluidity, adoption will be limited.
For now, the Bank of Russia is studying the issue and has not endorsed it.
