Bank of Russia to Explore Ruble Stablecoin in 2026
A senior Bank of Russia official said regulators will consider a ruble-pegged stablecoin as early as 2026, marking a shift from their previous restraint. The move appears driven by pressure after a ruble-backed stablecoin launched in Kyrgyzstan was reportedly used by Russian entities to bypass international sanctions, raising concerns about regulatory gaps and financial integrity.
A domestically issued stablecoin could give Moscow greater control over custody, transaction monitoring and cross-border flows while providing clearer legal footing for crypto businesses. However, design choices, custody arrangements and robust sanctions-compliance mechanisms will be critical to prevent the very evasion the policy aims to curb. Markets and industry participants will watch for pilot plans and regulatory detail through 2026.