Russia Reconsiders Stablecoin Ban Amid US and EU Pressure
According to local reports, Russia’s central bank is re-examining its long-standing opposition to stablecoins. First Deputy Chairman Vladimir Chistyukhin said the Bank of Russia will conduct a study this year on the feasibility of creating a Russian stablecoin.
Previously, Russia had consistently opposed plans for a centralized stablecoin. However, Chistyukhin said foreign practice now warrants a renewed assessment of risks and prospects.
Moscow Reopens the Stablecoin DebateThe shift signals a strategic rethink rather than an immediate policy change. Still, the timing is notable.
Over the past year, the United States passed the GENIUS Act, establishing a federal framework for payment stablecoins.
The law formalized 1:1 dollar backing and reserve transparency requirements.
As a result, US-backed stablecoins have gained institutional legitimacy and expanded their footprint 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 dollar-backed stablecoins. This could be perhaps the GREATEST revolution in financial technology since the birth of the internet itself." pic.twitter.com/CH5pnznAuf
At the same time, the European Union has accelerated work on a digital euro and MiCA-compliant euro stablecoins led by major banks.
European policymakers have framed these efforts as necessary to preserve monetary sovereignty and reduce dependence on foreign digital currencies.