Russia Mulls National Stablecoin to Compete with USDT and USDC

The Central Bank of Russia is considering launching a national stablecoin to complement its existing digital ruble. According to Governor Elvira Nabiullina, the regulator is 'hotly debating' internally whether national stablecoins could be used for international settlements.

The digital ruble was designed for domestic retail payments and controls budget flows, but it's not meant to circulate freely outside Russian jurisdiction. A stablecoin, on the other hand, is a token backed by a reserve asset that can be issued on a public blockchain and used for cross-border transactions.

Major banks such as Sberbank, Alfa-Bank, and Tokeon platform have already expressed support for the idea of launching a ruble stablecoin. They believe it would allow Russian businesses to reduce their dependence on dollar-pegged stablecoins like USDT and USDC, which dominate foreign trade settlements.