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On June 25, 2026, the Bank of Russia published a consultative report examining the prospects for developing a market for ruble-denominated stablecoins. The report presents potential regulatory pathways and invites market participants to provide feedback on key policy questions. The global stablecoin market has more than doubled in size over the past two years. Stablecoins are crypto-assets whose value is pegged to real assets, typically fiat currencies. While dollar-denominated stablecoins currently dominate, regulators worldwide are increasingly focusing on national stablecoins to protect monetary sovereignty and establish clear rules to mitigate associated risks. Russian legislation does not currently define "stablecoin," but permits the issuance of digital financial assets (ЦФА) with stablecoin characteristics. These can function as investment instruments or tools for cross-border settlements, though they cannot be used for domestic transactions. To date, no such digital financial assets have been issued in practice. Some market participants believe that introducing specific regulation for ruble stablecoins would highlight their distinctive features and increase their utility for cross-border payments. The Bank of Russia's report addresses several regulatory considerations, including denomination and maturity requirements, collateral quality and sufficiency standards, and financial stability norms for issuers. Importantly, the report proposes maintaining the prohibition on using digital financial assets and stablecoins for transactions between residents, as this could fragment the payments market. The Bank of Russia seeks market participant responses to questions posed in the report to determine whether separate stablecoin rules are necessary and what form they should take. Market participants can submit responses, comments, and proposals until September 1, 2026 (inclusive).

On June 25, 2026, the Central Bank of Russia (CBR) published a consultative report examining the prospects for developing a market for ruble-denominated stablecoins. Possible approaches to the further development of stablecoin regulation in Russia include: Taking into account the proposed comprehensive regulation of the circulation of cryptocurrencies and digital rights in Russia, the question remains open as to whether it is necessary to establish a separate definition and regulation of stablecoins as a type of digital financial asset under Russian legislation on digital currencies and digital rights, or whether this is redundant, given that exporters and importers may use any digital financial asset in cross-border settlements, regardless of the terms of their issuance and the issuer’s reliability. The paper reiterates that the ruble is Russia's sole legal tender, making stablecoins unsuitable as a legal means of payment within Russia. Although Russian law permits certain non-monetary instruments (such as promissory notes) to be used as consideration in transactions, it prohibits digital financial assets, cryptocurrencies and other monetary assets from being used in this way. According to the CBR, wider domestic use of stablecoins would create significant risks to price stability and financial stability, requiring regulation similar to that adopted in jurisdictions such as Hong Kong, the United States, the EU and the UAE. If Russia decides to introduce dedicated stablecoin requirements for cross-border payments, the paper outlines three possible approaches: Providing flexible, non-binding guidance. Allowing requirements to be tested under regulatory supervision. Permanent regulation, which takes longer to establish and is less adaptable. Providing flexible, non-binding guidance. Allowing requirements to be tested under regulatory supervision. Permanent regulation, which takes longer to establish and is less adaptable. Comments and feedback are welcome up until September 1, 2026 and can be sent via email to dsrfr_innovations@cbr.ru .

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Bank of Russia Publishes Consultative Report on Stablecoin Market Development

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Central Bank of Russia Publishes Consultative Report on Stablecoin Market Development