VTB Conducts First Stablecoin Transaction for Business

VTB has tested digital currency transactions for corporate clients for the first time, executing operations with stablecoins through a digital depository. The pilot operation took place on October 6, the same day the Bank of Russia included VTB in the registers of digital depositories and crypto exchanges. A mass launch of the service is planned for later. The participants in the first operations were legal entities, and the pilot was conducted within the Russian infrastructure without failures. Settlements were made through VTB's digital depository accounts, with access to the blockchain organized through a higher-level depository. This means that VTB interacts with the blockchain through a regulated participant, which should enhance reliability and transparency. VTB is not the only one in the Central Bank's crypto registers; Sberbank and other companies have also received the status of a digital depository. Digital depositories can account for digital currencies and formalize their transitions. Deputy Finance Minister Ivan Chebeskov previously noted the risks associated with stablecoins and estimated the daily turnover of cryptocurrencies in Russia at 50 billion rubles. It is expected that another 10 million citizens may join the market next year.

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