 ▲ Russia, Stablecoin/AI Generated Image |
Russia is officially reviewing the possibility of introducing a national stablecoin, as the United States’ stablecoin regulation bill GENIUS and the European Union’s digital euro policy emerge as new turning points in global monetary hegemony competition.
According to cryptocurrency-focused media outlet BeInCrypto on February 14 (local time), the Central Bank of Russia has recently been studying ways to utilize stablecoins while exploring the potential restructuring of international payment networks. As the United States moves to incorporate dollar-based digital asset issuance into the institutional financial system through the GENIUS stablecoin regulation bill, Russia has also begun formally reviewing the need to establish a digital payment infrastructure based on its national currency.
Stablecoins are emerging as a means of international transactions that bypass traditional financial systems and are regarded as a key technology enabling fund transfers even under sanctions. Russia is analyzing the effectiveness of a ruble-pegged stablecoin, viewing the technology as a potential strategic tool to weaken the dollar-centered global payment structure.
The European Union has also accelerated efforts to introduce a digital euro in response. The European Central Bank has made clear its position that private stablecoins could threaten financial stability and that monetary sovereignty must be maintained through the introduction of a central bank digital currency. The digital euro is being pursued as a policy tool to preserve the public nature of the payment system amid the proliferation of privately issued digital assets.
The United States is speeding up the expansion of a dollar-based digital economy by allowing banks and financial institutions to issue digital dollars under the GENIUS stablecoin regulation bill. The legislation requires stablecoins to be backed by high-quality assets such as U.S. Treasury securities and is seen as a strategic mechanism to extend dollar demand into the digital asset market.
As major global economies advance digital currency policies in different ways, competition over monetary sovereignty centered on stablecoins has entered a full-fledged stage.
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