Russia is allegedly contemplating the use of stablecoins for international payments, as stated by state-run media. A recent report by Russian publication Izvestia reveals that Russia is seeking to legalize the use of stablecoins for cross-border transactions. However, the report does not specify which type of stablecoins the Russian government is considering. Alexei Guznov, the Deputy Chairman of Russia’s Central Bank, informed Izvestia that discussions and proposals to legalize stablecoins have been ongoing since 2023. Guznov believes that regulations will likely need to be strengthened to safeguard the nation’s interests. He mentioned, “Understanding is still being formed, and I hope that in the near future it will result in the text [of the bill].” Alexander Murychev, the executive vice president of the Russian Union of Industrialists and Entrepreneurs (RSPP), expressed to Izvestia that stablecoins would not only introduce significant liquidity to markets but also serve as effective settlement tools for other BRICS nations. BRICS is an economic alliance between Brazil, Russia, India, China, and South Africa. In March 2024, Russian President Vladimir Putin authorized a law that permits the use of “digital financial assets” (DFAs) for international payments. DFAs are digital representations of contract rights that can be exchanged. Murychev noted that businesses have faced challenges when using DFAs due to the risks of secondary sanctions. However, Natalya Milchakova, a leading analyst at Freedom Finance Global, stated that firms would not encounter such difficulties with stablecoins as they would enable settlements with sanctioned individuals without fearing secondary sanctions.