Bank of Russia Plans 2026 Stablecoin Study as US and EU Rules Advance

TLDR

• Bank of Russia plans a 2026 study on a Russian domestic stablecoin.
• Vladimir Chistyukhin said the results will be submitted for public discussion.
• The review cites foreign practice as US and EU stablecoin frameworks develop.
• Russia’s digital ruble law sets bank rollout from September 2026 and wider rollout by September 2028.

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Russia is reconsidering its long-standing stablecoin ban as the United States and the European Union move ahead with clearer rules. The Bank of Russia says it will conduct a study in 2026 on whether a Russian domestic stablecoin is feasible. The central bank also says it plans to submit its findings for public discussion. The shift comes during wider policy changes abroad and continued focus in Moscow on state-led digital payment systems.

Bank of Russia Reopens Stablecoin Debate After Years of Opposition

The Bank of Russia has repeatedly opposed centralized stablecoins over recent years. Officials have said the products can raise consumer risks, and they can weaken oversight of payment flows. This stance has supported a restrictive approach toward tokens that aim to hold a fixed value. The central bank has also linked its concerns to financial stability and to policy control.

At the Alfa Talk conference, First Deputy Governor Vladimir Chistyukhin described a policy review. He said the bank will reassess “risks and prospects” based on practices in other countries. He also said the study results will be submitted for public discussion. The remarks did not announce a launch decision or a final product model. They described research work that will guide later choices, if any.

US GENIUS Act Strengthens the Case for Formal Stablecoin Rulebooks

The review in Russia comes as the United States has moved to a federal approach. Over the past year, the US passed the GENIUS Act on payment stablecoins. The law sets a framework for certain issuers and their obligations. 

It also sets rules linked to backing and disclosure. The framework formalized 1:1 backing and reserve transparency requirements. Supporters say these rules give users clearer information on reserves and redemption. 

The law has also supported wider acceptance among some market participants. Stablecoins are used in crypto markets, and they are also used in some payment activity. Policy moves in the US can shape how other regulators compare options and risks.

EU Digital Euro Work and MiCA Rules Add Pressure on Monetary Sovereignty

In the European Union, policymakers have accelerated work on a digital euro. The EU has also advanced MiCA, which sets bloc-wide rules for crypto assets. Euro stablecoins designed to meet MiCA requirements have also drawn interest. Some efforts have been linked to major banks and payment firms in the region.

European officials have described these steps as part of efforts to protect monetary sovereignty. They have also cited concerns about dependence on foreign digital currencies. These positions can influence how other countries weigh domestic projects. Russia’s central bank says it is reviewing foreign practice as part of its study. The timing also matches wider debate on how regulated tokens may shape payments.

Russia’s study also sits alongside the country’s digital ruble rollout plan. A law mandates that major banks begin offering digital ruble services by September 2026. Full rollout to all banks and retailers is set for September 2028. That schedule sets a separate track for state-backed digital payments. The stablecoin study adds another workstream, while policy models in the US and EU continue to develop.

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