In a commentary for Izvestia, Diana Golovanova, Expert at the Economic Policy Foundation, explained the essence of the political crisis surrounding the regulation of stablecoins in the United States. In her opinion, the conflict has gone far beyond technical disputes and reveals a fundamental clash of interests.
“The conflict surrounding the payment of income on stablecoins in the US essentially reflects the dispute between the developing crypto industry and the traditional banking system,” the expert said.
Diana Golovanova pointed to a key transformation: "As soon as stablecoins begin to generate income for their holders, they cease to be merely a means of payment and become an alternative to bank deposits. This creates the risk of an outflow of funds from banks, which, according to experts, could reach $6.6 trillion, which explains the resistance from banks," she explained.
In Russia, according to the expert, regulation of this market sector is in its early stages. “In Russia, stablecoins are not yet classified as a separate legal category and do not have their own regulatory regime,” she noted, emphasizing that at the end of 2025, the Bank of Russia announced plans to develop regulation of the crypto market, but no special rules for stablecoins have yet appeared.