According to local reports, the Russian central bank is reconsidering its years-long opposition to stablecoins. First Deputy Chairman Vladimir Chistyukhin said that the Bank of Russia will conduct a study this year on the possibility of creating a Russian stablecoin.

Previously, Russia was always against plans for a centralized stablecoin. But according to Chistyukhin, foreign practices now call for a new assessment of the risks and opportunities.

Moscow reopens the stablecoin debate

The change indicates that Russia wants to think strategically again, not that new policy will come directly. Still, the moment is striking.

Last year, the United States approved the GENIUS Act, which established a national framework for payment stablecoins.

The law ensures that there are always sufficient dollars in reserve for each stablecoin and makes the reserves transparent.

As a result, US-backed stablecoins gained more recognition among institutions. They are now more frequently used in cross-border payments and the settlement of digital assets.

At the same time, the European Union is working faster on a digital euro and euro stablecoins that comply with MiCA rules, led by major banks.

European policymakers consider these steps important to protect their own monetary sovereignty and to become less dependent on foreign digital currencies.

In this situation, Russia risks falling behind in the race for digital payment infrastructure. Stablecoins now play a central role as liquidity in the global crypto market and are increasingly used for trade settlements.

If tokens with the dollar or euro as the underlying currency dominate cross-border payment transactions, Russian companies may need to make even more use of foreign regulated instruments.

Sanction pressure and the sovereignty question

Moreover, sanctions and restrictions on Russia in traditional payment networks create additional pressure.

A stablecoin managed by Russia could theoretically serve as an alternative payment system for international trading partners who want to do business outside of Western systems.

Just discussing the idea shows that Moscow recognizes the geopolitical importance of stablecoin infrastructure.

However, there are still many risks. A Russian stablecoin needs reliable reserves, clear regulations, and trust from trading partners. Without transparency and sufficient liquidity, usage will remain small.

For now, the Bank of Russia is exploring the possibilities, but no approval has been given.