Stablecoins may be a "temporary entity" and do not imply moving away from a peg to the dollar in settlements, said PSB Chairman Petr Fradkov. He urged not to treat them "as some kind of given" and not to count on their use "for decades."
"This is a quick response to a changing world. But it is very important that the very fact of using these instruments is not a departure from a peg to the dollar in settlements," the head of PSB said in an interview with RBC. According to Artemis Analytics, in 2025, the volume of stablecoin transactions reached $33 trillion, showing an annual growth of 72%. "Visa's transaction volume for the same year was $16.7 trillion, and Mastercard's was $10.6 trillion. This shows that stablecoins have become a noticeable part of the global payment infrastructure," Mr. Fradkov specified.
The organized cryptocurrency market in Russia is set to launch on September 1, 2026, after the law "On Digital Currencies and Digital Rights" comes into force. According to the "Concept for Regulating Cryptocurrencies in the Russian Market," prepared by the Bank of Russia, digital currencies and stablecoins will be recognized as currency values: their purchase and sale will be permitted, but settling with cryptocurrency within the country will not be allowed.
For more on what the Russian digital asset market will look like, read the Kommersant article.
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