Russia’s central bank will re-examine its long-standing opposition to stablecoins and conduct a formal study on launching a ruble-pegged token this year. First Deputy Chairman Vladimir Chistyukhin said the Bank of Russia will assess feasibility, risks, and global practice. The review signals a strategic rethink as sanctions reshape cross-border payments and the United States advances stablecoin regulation.
For years, the Bank of Russia opposed fiat-backed stablecoins. Officials viewed them as difficult to control and risky for financial stability. They also feared such tokens could weaken the ruble or bypass regulations.
Currently, Chistyukhin says foreign experience requires a renewed assessment. He framed the move as a study, not a policy endorsement. However, the timing stands out. Over the past year, the United States passed the GENIUS Act. The law created a federal framework for payment stablecoins. It requires one-to-one dollar backing and reserve transparency.
As a result, US-backed stablecoins gained stronger institutional legitimacy. They also expanded in cross-border payments and digital asset settlements. Against that backdrop, Russia’s central bank has begun to reconsider its earlier stance.
In 2024, Russia allowed crypto use for certain international settlements. At the same time, the digital ruble entered a pilot phase. The project now includes hundreds of thousands of users. Authorities expect a full rollout in late 2026, with government use starting earlier.
Chistyukhin’s comments suggest officials want a detailed review instead of a blanket ban. They plan to examine how a stablecoin could fit within Russia’s financial system.
Sanctions remain the main driver behind the policy shift. Many Russian banks lost access to global payment networks. This disruption slowed and complicated cross-border trade. As a response, Russia sought alternative financial channels. Lawmakers legalized crypto mining in some regions. Regulators also approved cross-border crypto payments for specific uses.
Reports indicate that daily crypto trade tied to international deals reaches tens of billions of rubles. A ruble-pegged stablecoin could offer another settlement tool. It could help businesses conduct trade without relying on the US dollar.
Officials also see potential for transactions with BRICS partners and other friendly markets. A domestically controlled stablecoin could provide an alternative settlement mechanism outside Western systems. Even studying the concept signals recognition of the geopolitical role of stablecoin infrastructure.
Can a ruble-backed stablecoin reduce reliance on foreign currencies while maintaining financial stability? Authorities have not provided an answer. Instead, they have chosen to open the issue for research and debate.
Officials may consider two possible models. One option involves a state-backed stablecoin. Another allows private firms to issue regulated tokens under strict oversight. In either case, authorities would likely maintain strong regulatory control. The stablecoin could integrate with Russia’s domestic payment network. It might also connect to cross-border messaging systems.
The central bank maintains its mission to discover all existing important hazards that threaten the financial system. If authorities do not handle stablecoins properly, their operations will create risks to financial stability. The operations of these systems will create risks because they need to protect user data. The second concern about public blockchains involves the protection of user data.
The first group believes that public blockchains will expose user information, while the second group thinks that better data protection requires strict control measures. Russian stablecoins need to establish reliable assets backing, supported by established legal frameworks, and all parties must have faith in their value. The public will not adopt the system until it achieves both transparent operations and sufficient market activity.
The Bank of Russia has not yet decided to start its operations. The officials will examine international cases while they conduct risk assessments and public consultations to determine their forthcoming actions.
Russia’s central bank has reopened debate over a ruble stablecoin as sanctions reshape cross-border payments and global regulation advances under the GENIUS Act. Officials will study feasibility, risks, and legal structure before any launch decision. The review could influence Russia’s future digital finance strategy.