Russia to reconsider stablecoin ban amid pressure from US and Europe

According to local reports, the Central Bank of Russia has reconsidered its long-standing opposition to stablecoins. The first vice president Vladimir Shestyukhin said that this year the Bank of Russia will conduct a study on the feasibility of creating a Russian stablecoin.

Previously, Russia has always opposed plans to issue a centralized stablecoin. However, Shestyukhin stated that current foreign practices require a reassessment of risks and prospects.

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Moscow reopens stablecoin discussion

Pointing This transformation To a strategic review rather than immediate political change. However, the timing of this change is notable.

Last year, the United States enacted… Law of Geniuswhich established a federated framework for payment stablecoins.

The law established 1:1 dollar support requirements and transparency requirements for reserves.

As a result, he won Stablecoins backed by the United States It has gained institutional legitimacy and expanded its presence in cross-border payments and digital asset settlement.

✅ GENIUS ACT SIGNED INTO LAW

“The GENIUS Act creates a clear and simple regulatory framework to establish & unleash the immense promise of stablecoins backed by the dollar. This could possibly be the BIGGEST revolution in financial technology since the birth of the internet itself.” pic.twitter.com/CH5pnznAuf

– The White House (@WhiteHouse) July 18, 2025

At the same time, the European Union accelerated efforts around a digital euro and MiCA-compatible euro stablecoins led by major banks.

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European politicians considered these efforts necessary to maintain monetary sovereignty and reduce dependence on foreign digital currencies.

🇪🇺 “We need a Euro currency”: Europe rejects USD Stablecoin dominance

EU stablecoin share increased from 16% to 34% by 2024, for @CryptoRank_io but 99.8% remain supported by USD.

Regulators fear this risks the euro’s sovereignty, pushing for a digital euro and stricter MiCA rules. 💶… pic.twitter.com/HzrON66OE7

– BeInCrypto (@beincrypto) July 5, 2025

In view of this, the Russian Federation risks falling behind in the race to form a digital monetary infrastructure. Stablecoins currently serve as the primary liquidity channel in the global cryptocurrency markets, and increasingly in the business establishment.

In case of control Tokens backed by dollars and euros On cross-border flows, Russian entities may face greater reliance on foreign regulated instruments.

Sanction pressures and the question of sovereignty

Also, I added Sanctions and restrictions on Russia’s access To traditional payment networks there is an air of urgency.

A locally controlled stablecoin could, in theory, offer an alternative settlement mechanism for international partners wishing to transact outside of Western systems.

Even just discovering the concept shows that Moscow is aware of the geopolitical dimension of the stablecoin infrastructure.

However, the risks remain high. A Russian stablecoin needs reliable reserves, legal clarity and trust from counterparties. Without transparency and liquidity, adoption will remain limited.

So far, the Bank of Russia is studying the problem, but it is not supportive.