The State Duma has moved to explore a gold-backed stablecoin aimed at underpinning international agreements, including those with Iran. This plan comes from Anatoly Aksakov, who chairs the State Duma Financial Market Committee, sharing the details in a parliamentary interview. The discussion signals a wider interest in digital assets that can support cross-border deals and welfare in state-to-state commerce.
During a recent visit by a Russian delegation to Tehran, conversations focused on how digital financial assets could facilitate payments for goods and, specifically, for shipments of Russian agricultural products. The goal is to find a trusted mechanism that reduces friction in payments and strengthens the overall value chain when Russia and Iran transact at scale.
Aksakov explained that the concept centers on issuing a stablecoin whose value is anchored by tangible assets. He gave an example of gold resources that refineries can provide, suggesting that digital assets tied to that gold could be issued to serve as a medium of exchange in mutual settlements between the two countries. This approach would create a transparent track for payments and help align the value of trade without relying solely on traditional currencies.
The deputy noted that financial interactions with Iran are complicated by a sizable outstanding balance for goods and services. He also highlighted the challenge of dual exchange rates for the Iranian rial, with separate official and market rates creating uncertainty for Russian exporters and complicating pricing, budgeting, and forecasting in bilateral trade.
In a sign of growing interest, Iran’s ambassador to Moscow has suggested that the ruble could take on a larger role in bilateral commerce. This potential shift would reflect broader considerations about settlement currencies in Eurasian trade corridors and the desire to reduce exposure to currency volatility. If adopted, such a shift could influence how both nations structure contracts, manage risk, and settle accounts in real time across a network of suppliers and customers.
Beyond the specifics of gold-backed instruments, experts point to a broader trend in which central banks and financial authorities are testing digital assets to streamline cross-border payments, improve settlement speeds, and enhance financial resilience. The idea of assets pegged to material goods aims to provide a stable reference for value, helping to reduce price swings that often accompany purely fiat-based digital money. The practical implementation, however, requires careful alignment with international regulatory standards, anti-money-laundering controls, and robust technology infrastructure to ensure security and custody of the underlying assets.
Proponents argue that a well-structured gold-backed stablecoin could deliver quicker settlements and more predictable pricing. Critics, meanwhile, caution about the complexities of asset custody, auditing the backing reserve, and ensuring that the system truly reflects the value of the collateral. Regardless of the outcome, the move illustrates a strategic inclination toward diversified payment models that can support steady flows of goods, including agricultural products, minerals, and machinery, between Russia and its partners in the region.
Observers also note that the idea intersects with broader debates about monetary sovereignty, currency diversification, and the role of digital currencies in state-level commerce. For suppliers and buyers in both countries, the development underscores a shift toward more resilient payment ecosystems that can tolerate sanctions and geopolitical shifts while maintaining reliable trade routes and service delivery. In this context, the proposed stablecoin is seen as part of a larger effort to modernize financial infrastructure and strengthen economic ties through innovative instruments grounded in tangible assets.