Published on: 2026-06-25
Source: Central Bank of Russia – Central Bank of Russia –
An important disclaimer is at the bottom of this article.
The Bank of Russia proposes to discuss the prospects of forming the ruble stablecoin market. Vin the consultative reportpossible ways of event development are presented.
In the past 2 years, the volume of the global stablecoin market has more than doubled. Stablecoins are considered crypto assets whose value is pegged to the price of a real asset, most often to a fiat currency. Against the backdrop of the predominance of dollar stablecoins, increasing attention worldwide is being paid to the issuance of national cryptocurrencies to protect monetary sovereignty, while regulators strive to minimize the risks of using tokens by establishing clear rules in this market.
Russian legislation does not provide for the concept of “stablecoin,” but it allows the issuance of digital financial assets (DFAs) with the characteristics of stablecoins. They can be considered both as an object for investment and as an instrument for international settlements, but they cannot be used for domestic settlements. In practice, such DFAs have not yet been issued.
Some market participants believe that the introduction of special regulation for the issuance of ruble stablecoins will allow emphasizing its features and increase demand for cross-border settlements. Accordingly, the question arises about the requirements for such stablecoins: what can be the nominal value and maturity, the quality and level of adequacy and collateral, and the regulatory financial stability of the issuer.
At the same time, the report proposes to maintain a ban on the use of CBDC and stablecoins for settlements between residents, as this may lead to fragmentation in the settlement market.
The Bank of Russia expects to receive answers from market participants to a number of questions posed in the report, in order to understand how necessary certain rules for stablecoins are and what these rules could possibly be. Answers, comments, and suggestions can be submitted until September 1 inclusive.
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