Bank of Russia to Review Ruble Stablecoin Plan

• The Bank of Russia will study issuing a ruble-pegged stablecoin.
• Officials cite sanctions and global practices as key factors.
• Findings will be released for public discussion before any decision.

Russia’s central bank, the Bank of Russia, on February 12 announced plans to examine whether it should issue a ruble-backed stablecoin, marking a shift from its previous opposition to fiat-pegged digital tokens.

First Deputy Governor Vladimir Chistyukhin announced the study at the Alfa Talk conference in Moscow, which focused on digital financial assets and market structure. He said the regulator’s traditional position has been to reject stablecoins tied to national currencies. However, officials now intend to reassess that stance.

“We plan to conduct a study this year to reassess the situation,” Chistyukhin said. He added that the central bank will evaluate both risks and potential benefits. After completing the review, it will present its findings for public discussion.

The central bank has not committed to issuing a stablecoin. The initiative remains at the research stage.

Sanctions Reshape Payment Strategy

Western sanctions have reshaped Russia’s financial environment. Following the war in Ukraine, many Russian banks lost access to major global payment networks. Cross-border transactions became slower and more complex.

Authorities began searching for alternative settlement tools. Cryptocurrency use expanded under an experimental legal framework. The government also allowed certain cross-border crypto payments and investments in derivatives linked to digital assets.

According to Russia’s Ministry of Finance in a separate update, daily cryptocurrency trading volumes in the country have reached about 50 billion rubles, or roughly $650 million. Officials say digital assets now play a role in some international settlements.

A ruble-pegged stablecoin could offer another option. It could allow faster settlements and reduce reliance on foreign currencies in trade with partner countries.

Focus on Existing Stablecoin Activity

The discussion comes as attention grows around A7A5, a ruble-backed stablecoin issued in Kyrgyzstan by a company linked to Russian interests. A7A5 reportedly processed more than $100 billion in transactions in its first year of operation. Its market capitalization has exceeded $500 million, making it one of the largest non-dollar-backed stablecoins.

Russian authorities classified A7A5 as a digital financial asset. This designation allows domestic firms to use it for international settlements. At the same time, Western governments have imposed sanctions on platforms linked to the token.

The European Union has proposed additional measures to limit crypto channels that may facilitate Russian financial flows. These developments have increased scrutiny of stablecoin activity connected to Russia.

Digital Ruble Remains Central

The central bank continues to prioritize the digital ruble. The central bank digital currency entered a pilot phase in 2024 and includes hundreds of thousands of participants. A broader rollout is expected in 2026, with government use planned earlier.

Officials have not said how a potential stablecoin would interact with the digital ruble. Analysts note that both instruments would serve different functions. The digital ruble is state-issued legal tender, while a stablecoin could operate under a separate regulatory framework.

Chistyukhin said the central bank will examine different models, including state issuance or regulated private tokens. Regulators will review financial stability risks, anti-money laundering controls, and data protection standards.

Related: Bitcoin and Dollar: How Russia’s Shift Could Affect Crypto Markets

Chistyukhin also mentioned that the Central Bank and the national government remain hopeful that the cryptocurrency regulation bill will be passed during the spring session of the State Duma, the lower house of the Russian parliament.

Notably, the outcome of the study could influence how Russia integrates digital assets into its financial system in the coming years.