The Central Bank of Russia is reconsidering its stance on the stablecoin concept, which it has long opposed. Vladimir Chistyukhin, the bank’s First Deputy Chairman, announced that they are preparing to analyze the feasibility of creating a Russian stablecoin this year. Founded in 1860, the Central Bank of Russia is the highest-level institution responsible for managing the country’s monetary policies and maintaining financial stability.
Stablecoin Discussion Started Again in Moscow
To date, Russia has always been cautious about plans for a centralized stablecoin. However, Chistyukhin’s latest statements mean that risks and opportunities will be re-evaluated in the light of global developments. The GENIUS Act, which recently came into effect in the USA, introduced an official framework for stablecoins for payment purposes.
The law in question made 1:1 dollar collateral and reserve transparency requirements mandatory. Thus, US dollar-based stablecoins began to be more accepted by financial institutions and their use in cross-border payments and digital asset exchanges expanded. On the other hand, the European Union has accelerated euro-based stablecoin projects in line with digital euro and MiCA standards.
European policymakers justify these steps with the aim of maintaining monetary sovereignty and reducing the influence of foreign digital currencies. While the interest in stablecoins in Europe has doubled in the post-2024 period, the dominance in the markets is still largely in US dollar-backed stablecoins.
Sanctions, Digital Sovereignty and Russia’s Move
In this environment, the risk of Russia falling behind in the race to develop digital currency infrastructure increases. Stablecoins have become one of the main liquidity channels in global crypto markets and are increasingly preferred in international trade. The dominance of dollar- and euro-based tokens in cross-border transactions could lead Russian institutions to become more reliant on foreign-regulated digital assets.
On the other hand, payment restrictions imposed by international sanctions accelerate Russia’s search for new alternatives outside Western-controlled systems. In theory, a domestically managed stablecoin could offer a new tool for exchanges with international partners that prefer to stay outside of traditional payment networks.
The Central Bank of Russia stated that it started to investigate this possibility and pointed out that it is aware of the geopolitical importance of the stablecoin infrastructure. However, for such a project to be successful, both adequate and transparent reserve management, a legal framework and mechanisms to overcome counterparty distrust are required. Instead of a concrete move, only a technical and strategic analysis process has been initiated.
Vladimir Chistyukhin stated, “We are examining the risks and benefits of stablecoins from a new perspective in the light of global practices. We plan to conduct a study on the subject this year.”
