According to ChainCatcher, Russian Deputy Finance Minister Ivan Chebeskov has made it clear that Russia does not welcome the circulation of dollar-pegged foreign stablecoins in its domestic market. He pointed out that centrally issued stablecoins like USDT and USDC give their issuers the technical power to freeze wallet assets. When such wallets interact with platforms authorized by the Central Bank of Russia, the risk of asset freezes escalates dramatically, effectively putting Russian users at risk of arbitrary fund freezes.
Chebeskov disclosed that a Russian legal entity had already seen its dollar stablecoin holdings frozen directly by the issuer. In contrast, decentralized cryptocurrencies such as Bitcoin and Ethereum have not been subject to forced freezes, as they lack comparable centralized control mechanisms. This reality has deepened regulatory concerns that dollar stablecoins could jeopardize asset safety.
The Russian Ministry of Finance therefore believes a dedicated stablecoin regulatory framework is necessary, prioritizing the development of stablecoins pegged to the ruble and currencies of friendly nations. The move aims to provide a controlled alternative for the domestic market, reducing reliance on foreign issuers and mitigating the risk of arbitrary asset freezes. Meanwhile, the Central Bank of Russia would gain the authority to adjust the list of permissible stablecoin assets, allowing it to flexibly respond to market changes and enhance regulatory efficiency.