Russia’s Central Bank Considers Stablecoins for Cross-Border Settlements as Digital Ruble Supplement

Russia’s central bank is considering using stablecoins in cross-border settlements, but only as a supplement to the digital ruble, the central bank governor said at a financial congress. According to Odaily, the central bank remains concerned about using stablecoins for domestic settlements. The central bank is discussing the possible launch of a ruble-pegged, state-controlled stablecoin and is analyzing whether it is appropriate to combine such an instrument with a central bank digital currency in cross-border transactions. The central bank also proposed stablecoin regulatory rules last week, with a core principle that all transactions should be conducted under state control.