Experts have assessed the use of dollar-denominated stablecoins

Dollar-denominated stablecoins are becoming one of the instruments of international settlements in the context of restrictions on cross-border payments. In Russia, such assets are primarily used in foreign trade and for fast transfers, but their impact on the financial system remains a matter of debate. This is stated in the RBC article, which was reviewed by Izvestia on May 21.

According to a report by the Bank for International Settlements (BIS), about 98% of the market value of stablecoins is in the US dollar. The most common are USDT and USDC, the exchange rate of which is pegged to the US currency. Such tools allow you to make payments faster than through traditional banking infrastructure.

According to BIS estimates, about 98% of the market value of all stablecoins is in the US dollar. The report notes that such processes are most noticeable in countries with high inflation, currency crises, or discrepancies between the official exchange rate and the stablecoin rate, including Argentina, Venezuela, Lebanon, Iran, Nigeria, and Ukraine.

Experts note that in Russia, stablecoins are used mainly for foreign economic transactions. According to Yaroslav Kabakov, Director of Strategy at Finam Investment company, this is not yet a massive household dollarization, but rather an infrastructure layer for business and foreign trade.

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"They use them for a simple reason: It is a fast and relatively stable dollar without banks, SWIFT and currency controls, that is, a tool to circumvent the friction of the system and preserve dollar liquidity in conditions of restrictions and distrust of the ruble trajectory," he said.

Some experts do not consider the use of stablecoins to be a systemic threat to the Russian economy. Financial analyst Vladimir Levchenko noted that capital is flowing into Russia through cryptocurrencies, and the scale of such flows remains relatively small compared to the total volume of foreign trade.

At the same time, experts point to the development of alternative solutions. Ruble-denominated and non-dollar-denominated stablecoins focused on international settlements are appearing in Russia and friendly jurisdictions. Such projects include A7A5, digital financial asset initiatives, and the BRICS Pay payment infrastructure.

According to experts, the demand for digital currencies may grow along with the development of cross-border trade. The main directions will be to increase the reliability of settlements, create an alternative financial infrastructure and reduce dependence on external constraints.

The dollar exchange rate on the interbank market on May 13 dropped below 73 rubles, amounting to 72.975 rubles (-1.11%). This happened for the first time since February 19, 2023. In turn, the euro exchange rate decreased by 1.34% to 85.45 rubles.