Russian regulators intend to reconsider their currently conservative stance on fiat-pegged stablecoins and actually study the possibility of minting one this year.
The statement, made by a top central bank executive, comes amid increasing pressure on a ruble-backed stablecoin issued in Kyrgyzstan and actively used by Russian entities to circumvent sanctions.
Bank of Russia to make up its mind about stablecoins in 2026
The Central Bank of Russia (CBR) plans to conduct a study in the coming months to evaluate the feasibility of creating a Russian stablecoin.
The announcement came from the monetary authority’s First Deputy Chairman, Vladimir Chistyukhin. Speaking at a conference organized by Russia’s largest private bank, Alfa-Bank, he admitted the regulator has until now objected to the idea.
However, referring to the experience of other nations in that area, he revealed Moscow may soon change its mind. In comments made during the Alfa Talk event under the slogan “Digital Financial Assets: New Market Architecture” and quoted by TASS, he stated:
“We plan to conduct a study this year to reassess the situation. Indeed, our traditional position is that this is not allowed but taking into account the practices of a number of foreign countries, we will reassess the risks and prospects here and will also submit this for public discussion.”
The news follows a major shift in the Bank of Russia’s attitude towards digital currencies in general. Russia’s main financial regulator used to be vehemently opposed to allowing their free circulation in the country’s economy, pushing for a digital ruble instead.
However, in 2025, which proved a pivotal year in that regard, the CBR first introduced an experimental regime for crypto transactions and then permitted investments in crypto derivatives last spring. Then, towards the end of December, it released a whole new concept for comprehensive crypto regulation.
The policy paper envisages recognizing decentralized cryptocurrencies like Bitcoin as well as stablecoins as “monetary assets,” alongside expanding Russians’ access to them.
Although the Russian ruble is likely to remain the only legal tender, new crypto-related services will certainly appear on the market, given the planned licensing of platforms such as digital asset exchanges.
Moscow moves amid Western pressure on allies and A7A5
Russia’s stablecoin study will begin after Western powers started tightening the noose on crypto assets and organizations helping it to bypass their restrictions on Russian financial flows.
The upcoming 20th package of sanctions proposed by the EU pays particular attention to curbing Russian crypto transactions and targets third countries facilitating them for Moscow.
For example, the European Union is preparing to hit two Kyrgyz banks suspected of processing crypto-related transactions for Russian actors, as reported by Cryptopolitan.
The Central Asian nation is home to the issuer of the ruble-pegged stablecoin A7A5. The crypto, created by the Russian company A7, is issued by the Kyrgyz-registered Old Vector.
It’s believed to have processed transactions worth over $100 billion within the first year since its launch in early 2025, and according to DeFiLlama, its capitalization exceeds $500 million, making it the largest non-dollar stablecoin on the market.
Despite the lack of stablecoin regulations, in September, the financial authorities in Moscow classified it as a digital financial asset (DFA), which allows Russian firms to use it for international settlements. Platforms related to the A7A5 have been sanctioned already by the EU, the U.S. and the U.K.
Meanwhile, Russia’s Ministry of Finance revealed on Thursday that Russian crypto turnover is reaching 50 billion rubles daily (nearly $650 million).
Crypto usage has been growing among ordinary Russians, too, as traditional financial channels have become more inaccessible due to sanctions and some fiat restrictions imposed by their own government due to the war in Ukraine.
