The Bank of Russia has announced plans to conduct a comprehensive study in 2026 on the feasibility of issuing a Russian domestic stablecoin, marking a significant shift in its long-standing opposition to such assets. First Deputy Governor Vladimir Chistyukhin revealed the plan at the Alfa Talk conference in Moscow, stating the central bank will reassess the "risks and prospects" based on practices in other countries and submit its findings for public discussion.
This policy review represents a notable pivot, as the central bank has repeatedly opposed centralized stablecoins in recent years, citing concerns over consumer risks, weakened oversight of payment flows, and threats to financial stability and policy control. The study does not announce a launch decision or final product model but is intended to guide future policy choices.
The move comes as Russia is reconsidering its stablecoin ban against a backdrop of advancing global regulatory frameworks. The United States' passage of the GENIUS Act, which establishes a federal framework for payment stablecoins with 1:1 backing and reserve transparency requirements, is cited as a key foreign practice under review. Similarly, the European Union's progress with the Markets in Crypto-Assets (MiCA) regulation and work on a digital euro are influencing the debate, with European officials framing these steps as efforts to protect monetary sovereignty.
Domestically, the stablecoin study runs parallel to Russia's state-led digital ruble rollout. A separate law mandates that major banks begin offering digital ruble services by September 2026, with a full rollout to all banks and retailers scheduled for September 2028. The potential ruble-pegged stablecoin is seen as a tool to provide the private sector with more flexibility, especially as crypto use in international trade grows amid sanctions, with reported daily turnover reaching 50 billion rubles.
