Russia could eventually extract as much as 423 billion rubles, or about $5.5 billion, in annual economic benefits from the digital ruble, The Coinformer has learned after reviewing calculations by economists at Central University, a private university launched with support from T-Bank, one of Russia's three largest banks by active customers, and other Russian companies.
It combines money businesses could save with additional revenue banks could earn if the digital ruble becomes widely used and new financial products are built around it.
The estimate reflects something close to the system's full potential rather than its current limited rollout.
Most of the benefit would go to businesses
Russia's nonfinancial companies could receive up to 348 billion rubles, or about $4.5 billion, a year through lower transfer costs, faster settlements and greater automation, according to the calculations.
- Banks could make another 75 billion rubles, or roughly $979 million, by offering smart contracts, treasury-management tools, cross-border payment services and other products tied to the digital ruble.
- Cross-border payments involving central bank digital currencies would provide the biggest single benefit, potentially contributing 130 billion rubles, or $1.7 billion, each year.
- Cheaper payments and automated operations could add another $1.6 billion.
- Better liquidity management could contribute $1.3 billion, while smart contracts used for more complex transactions could produce about $848 million.
For now, however, the $5.5 billion figure exists largely on paper.
The calculation depends on widespread adoption and services that have yet to be rolled out at scale.
Roughly one Tether-sized year
The projected benefit is slightly higher than the $5.2 billion in protocol revenue that CoinGecko attributed to Tether in 2025.
That means a fully adopted central bank digital currency could theoretically deliver roughly the same annual economic benefit as the world's largest stablecoin generated in estimated protocol revenue last year.
The comparison is only about scale.
Russia's figure includes hypothetical savings across the economy and possible new revenue for banks.
The widespread rollout starts in September
Russia began testing the digital ruble with selected banks, companies and consumers in 2023.
But the first stage of its broader rollout begins this year, on Sept. 1, when the country's largest banks would be required to allow customers to open digital ruble wallets, make transfers and pay for goods and services.
Businesses served by those banks and earning more than 120 million rubles, or about $1.57 million, a year will also be required to accept payments in digital rubles.
The requirements will gradually expand to other banks and merchants through September 2028.
- The Bank of Russia claims that using the digital ruble will remain optional for individuals.