- Russia gains ground in cross-border crypto payments, while not overtaking the US overall.
- Bill No. 1194918-8 cleared the Duma, yet awaits final upper-house approval and signature.
- Neither country has finalized its crypto framework, leaving the wider contest unresolved.
Russia has expanded crypto use in cross-border trade as sanctions restrict conventional payment routes. Moscow has used digital assets more directly to address financial isolation. However, dollar-backed stablecoins and institutional markets give the US broader global influence.
Neither country has completed a comprehensive crypto market framework. However, according to a report, Russia’s bill cleared its second and third State Duma readings on July 21, 2026.
Russia Advances Crypto Rules for Foreign Trade
However, the government has moved to widen that route. Bill No. 1194918-8, covering crypto trading, custody and foreign trade settlements, cleared its second and third State Duma readings on July 21, 2026. It still requires Federation Council approval and President Vladimir Putin’s signature before becoming law.
Under the bill, regulated exchanges, brokers, asset managers, custodians and exchange service providers could handle digital assets. The Bank of Russia would register and supervise these businesses. It would also determine which cryptocurrencies could be offered through regulated platforms.
However, the measure would maintain Russia’s ban on using digital currencies to pay for domestic goods and services. The ruble would retain its status as the country’s legal tender.
Crypto Market Grows Despite Domestic Limits
The bill would establish separate rules for qualified and non-qualified investors. Non-qualified buyers would need to pass a test and could purchase up to 300,000 rubles in crypto annually through one intermediary. Qualified investors would receive broader access under separate limits and conditions.
However, the central bank estimated Russian crypto flows at 7.3 trillion rubles during the fourth quarter of 2024 and first quarter of 2025. That marked a 51.1% increase from the preceding review period.
Russian balances on crypto exchanges stood at an estimated 827 billion rubles at the end of March 2025. Bitcoin represented 62.1% of that amount, followed by Ethereum at 22% and dollar stablecoins at 15.9%.
The ruble-backed A7A5 stablecoin shows the growing use of digital assets in Russia-linked cross-border settlements. Chainalysis estimated that the token processed $93.3 billion in less than one year and acted as a bridge between Russian businesses and international markets.
Chainalysis identifies that figure as transaction volume, not verified trade revenue or net economic output. Its report describes A7A5 as a settlement rail for sanctioned actors.
However, the US Treasury sanctioned A7, Grinex and related entities in August 2025, alleging that the network supported sanctions evasion and cybercrime. Grinex later suspended its services following an April 2026 cyberattack.
US Extends Dollar-Based Crypto Influence
The US has taken a different route. Its digital asset policy seeks to bring stablecoins, exchanges and investment products into a regulated private market while keeping the dollar central to the digital economy.
The GENIUS Act became law in July 2025 and created a federal framework for payment stablecoins. It requires permitted issuers to hold full liquid reserves, publish reserve information and follow redemption, anti-money-laundering and sanctions rules.
The Federal Reserve valued the global stablecoin market at $317 billion on April 6, 2026. That represented growth of more than 50% since early 2025.
Dollar-linked assets dominate that sector. Federal Reserve Governor Christopher Waller reported in February 2025 that around 99% of stablecoin market capitalization was denominated in US dollars. Stablecoins also handled more than 80% of trading volume on major centralized exchanges.
Washington has also established a Strategic Bitcoin Reserve. A March 2025 executive order funds it with Bitcoin finally forfeited to the federal government.
The Senate Banking Committee advanced the CLARITY Act in May 2026. A reported ethics agreement moved the legislation closer to a Senate vote on July 21. However, the bill still needs enough Democratic support to reach the 60 votes required for passage.
Who Holds the Stronger Position?
Russia has demonstrated that crypto could support payments when conventional financial routes become restricted. The model serves foreign trade while maintaining strict limits on domestic use and private investment.
The US controls neither Bitcoin nor public blockchains. However, its currency supports nearly the entire stablecoin market, and its laws shape major issuers, financial institutions and trading platforms.
Russia is therefore not clearly winning the crypto war against the US. Moscow has built a parallel settlement route under sanctions, but Washington remains ahead in dollar reach, regulatory scale and market infrastructure. Both countries are still developing parts of their regulatory frameworks.
Related: Russia’s State Duma Set to Finalize Crypto Regulation This Week
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