The Bank of Russia against stablecoins: a cold-blooded analysis and strategic risks
The Central Bank of the Russian Federation has taken an extremely clear and uncompromising stance on stablecoins: these instruments will not be allowed into domestic payment circulation. The regulator steadfastly defends the monopoly of the ruble as the sole legal tender. However, for cross-border settlements in the sphere of foreign economic activity, the Central Bank admits the possibility of an exception, putting this issue up for public discussion.
The basis for this position was a fresh analytical report published on the official portal of the Bank of Russia. The document is permeated with deep skepticism and a critical view of "stablecoins." The regulator sees in them not a technological advantage, but a source of systemic threats.
Key Theses of the Regulator
Domestic settlements in stablecoins remain strictly prohibited. The use of these instruments in foreign trade transactions is still under discussion. The main threat is recognized as sanctions risks: issuers subject to the jurisdictions of unfriendly countries may unilaterally block the wallets of Russian users. The example of the blocking of the Garantex exchange infrastructure in March 2025 is a vivid confirmation of this.
It is important to emphasize: Russian legislation still lacks a legal definition of "stablecoin." The regulator classifies these assets according to existing categories: foreign tokens (USDT, USDC) are equated to digital rights, and their Russian analogues to digital financial assets (DFAs). Algorithmic coins remain in the category of digital currencies.
Economic Analysis Without Illusions
Central Bank specialists conducted a detailed economic analysis and found no convincing advantages of stablecoins over standard non-cash transfers or the digital ruble. The myth of high speed and low transaction costs, in their opinion, was explained solely by the absence of state control. With the implementation of anti-money laundering standards, these advantages disappear.
Moreover, the legalization of stablecoins would create a threat of fragmentation of the financial system. Instruments from different issuers would be difficult to exchange at par, undermining the integrity of monetary circulation.
The "Elephant in the Room" Named A7A5
Notably, the fifty-page report completely ignored the most significant precedent—the ruble stablecoin A7A5. This asset, backed by real deposits in the sanctioned Promsvyazbank, by the end of 2025 occupied over 40% of the non-dollar stablecoin segment. The volume of transactions involving it exceeded $100 billion. According to Chainalysis, the launch of the project allowed Russia to bypass restrictions on an industrial scale, which led to the token being included in the 19th EU sanctions package. The regulator chose to pass over this case in silence.
Expert Summary
The position of the Bank of Russia is rational and dictated by the protection of financial sovereignty. However, the complete disregard for the successful A7A5 case looks like willful blindness. The market is already voting with the ruble for this instrument, and the regulator will sooner or later have to give it a legal assessment. For now, businesses have to operate in a gray zone, while the Central Bank collects feedback until the fall of 2026. My opinion: further delay in regulation will only increase sanctions risks and push capital into uncontrolled jurisdictions.