Russians are being offered a new path that could help them save for an apartment: the State Duma is discussing the idea of tying digital financial assets to residential square meters. This instrument could become a supplement to the usual ways of buying housing, as the global crypto market is increasingly shifting from speculative coins to more stable assets.
The Central Bank Sees a Turn Toward Reliable Digital Assets
In the past two years, the global stablecoin market has more than doubled. According to the Central Bank, its total capitalization rose from $150 billion to $318 billion in 2026. At the same time, the total volume of stablecoin transactions since 2019 has already exceeded $354 trillion.
Stablecoins are cryptocurrencies whose value is tied to tangible assets: for example, gold, oil, or other valuables. To evaluate such an instrument more easily, you should look at the underlying asset, the clarity of the backing, the redemption procedure, and the issuer’s stability.
- Tied to gold: the underlying asset is gold; advantage — more understandable value; risk — quality of backing and the issuer’s financial stability.
- Tied to oil: the underlying asset is oil; advantage — connection to a real commodity; risk — dependence on issuance and redemption rules.
- Tied to other valuables: the underlying asset is determined by the issuance conditions; advantage — instrument flexibility; risk — the investor needs to understand exactly what backs it.
The Central Bank’s report “Stablecoins: Development Directions in Russia” also provides further forecasts. Analysts expect demand for such instruments to continue to grow: up to $500-750 billion by 2028 and up to $2-3 trillion by 2030.
Bitcoin No Longer Looks Like the Market’s Main Benchmark
Against this backdrop, bitcoin is no longer the only symbol of the crypto market. It is now trading at around $60,000, and the drop from last year’s high has already cost it about half its value. Money has also been leaving exchange-traded funds, increasing pressure on prices.
A similar picture is visible in the alternative cryptocurrency segment. The market value of tokens not related to bitcoin peaked in November 2021 at $431 billion and is now around $170 billion.
There is also a more fundamental problem. Financial analyst Mikhail Belyaev notes that bitcoin mining is becoming less profitable over time due to the strict emission limit. No more than 21 million coins can be created in the system.
Additionally, miner profitability is affected by halving. This mechanism triggers about once every four years and halves the reward for the same amount of work. In 2009, the reward was 50 bitcoins per block, and by 2024 it had dropped to 3.125.
Why Stablecoins Are of Interest to Businesses
Stablecoins are increasingly entering the global payment infrastructure. Their main advantage for companies is fast and relatively inexpensive cross-border settlements. In some cases, such transfers are almost instantaneous, whereas bank operations through several intermediaries can take more than five days.
Businesses can use such assets to move funds between divisions in different countries, as well as to pay salaries to employees working abroad. Some airlines are already testing compensation payments to passengers via stablecoins to avoid bank settlements and reduce conversion costs.
This topic is especially important for Russia due to the development of its own digital financial assets. Unlike free crypto exchanges, the Russian model is built around licensed platforms where the issuance and circulation of such instruments follow established rules.
Regulation Should Reduce Risks
Russian legislation does not yet have a separate concept of “stablecoin.” However, the issuance and use of digital financial assets with similar characteristics are not prohibited if it concerns investments and cross-border settlements. Such instruments cannot be used as a means of payment within the country.
Since 2024, an experimental legal regime has been in effect that allows the use of digital currencies, including stablecoins, in international settlements. Lawyer Alexandra Fedotova notes that the upcoming draft law on digital currency and digital rights should allow such cross-border operations on a general basis, outside the experiment.
Special rules for issuing stablecoins in Russia may include requirements for the sufficiency and quality of backing, redemption at face value, redemption terms, and the issuer’s financial stability.
The Central Bank separately emphasizes: if digital financial assets or stablecoins issued in Russia are ever allowed for domestic settlements, the requirements for them will have to be significantly tightened. Possible conditions include issuing such instruments only by credit institutions and mandatory reserving.
The regulator’s position remains cautious. The Central Bank considers lifting the ban on domestic settlements with stablecoins and digital financial assets unjustified due to the risk of monetary fragmentation.
Square Meters Could Become a Digital Asset
Alexandra Fedotova believes that the price of bitcoin can no longer serve as the sole indicator of the crypto market’s state. The market is gradually shifting from speculation to practical functions, and the growth of investment in blockchain infrastructure amid the decline in bitcoin’s price indicates its maturation.
According to her, global trends — tokenization, increased stablecoin turnover, the development of digital platforms and payment solutions — are also affecting Russia, but here they follow their own logic. What is called tokenization globally is already being implemented in Russian practice through digital financial assets.
In Moscow, the State Duma Committee on the Financial Market is discussing the next step — tying digital financial assets to residential square meters. Committee chairman Anatoly Aksakov said that the CFA market volume has already reached 1.5 trillion rubles and could exceed 3.5 trillion rubles by the end of the year.
The idea of the new approach is that the digital instrument allows “digitizing” real assets — from oil to gold. Now lawmakers are considering extending this mechanism to housing: a person will be able to gradually accumulate digital rights tied to a certain area and then receive an apartment.
This mechanism is currently being worked out in our committee. Most likely, the legislative initiative will appear in the next State Duma convocation.
Mortgages in Russia remain the usual way to buy housing, but digital financial assets could give the market another savings option. In practice, a buyer may have several routes.
- Mortgage: the usual way to buy housing immediately, but with debt burden and interest.
- Digital financial assets tied to real estate: a possible mechanism for gradually accumulating rights to living space.
- Investing in square meters through platforms: an attempt to combine real assets, digital technologies, and a clear goal — to collect the required area without resorting to high-risk crypto speculation.
The advantage of saving through digital financial assets is a clearer link to real housing. The main risk is that the rules for issuance, backing, and redemption must be transparent; otherwise, it will be difficult for an ordinary buyer to assess the instrument’s reliability.
How to Save for an Apartment Faster
Fast saving does not start with choosing a trendy instrument, but with a clear plan. First, you need to define the goal: the cost of the apartment minus initial capital, maternity capital, and other available sources. Then divide the remainder by the term: for 12 months, you need to set aside 1/12 of the amount per month; for 24 months — 1/24; for 36 months — 1/36.
- Increase income: look for side jobs, improve qualifications, transfer one-time bonuses and additional earnings to the housing fund.
- Cut expenses: eliminate nonessential spending, review subscriptions, loans, and large purchases that do not bring you closer to your goal.
- Automate savings: transfer money to a savings account or deposit immediately after payday, not at the end of the month.
- Use government support: maternity capital can be used to buy housing if the family meets the program’s conditions and complies with target use restrictions.
Saving for an apartment in 1-3 years is only realistic with a sufficient gap between income and mandatory expenses. With a small salary, the goal usually requires additional sources of money, participation in government programs, joint purchase, or a more modest first property.
Where to Keep Money Saved for an Apartment
For housing savings, not only returns but also the safety of money are important. The closer the purchase, the more cautious the choice of instrument should be.
- Bank deposit: a clear option for part of the savings; plus — predictability, minus — returns may not outpace housing price growth.
- Investments: can help beat inflation, but carry the risk of losses, especially if the money is needed soon.
- Digital assets: suitable only with clear rules for issuance, backing, and redemption; plus — link to real assets, minus — regulatory and market risks.
- Cash: provides quick access to money but poorly protects against inflation and everyday risks.
- Housing cooperatives and other collective schemes: can lower the entry threshold but require especially careful review of conditions.
The main mistakes when saving are keeping all money in one risky instrument, not accounting for inflation, saving without a schedule, taking unnecessary loans, and relying on returns that are not guaranteed.
Save or Take Out a Mortgage
The choice depends on the term, income, and willingness to take on debt. Saving is suitable for those who do not want to overpay interest and can wait to buy. A mortgage is more convenient when housing is needed now, income is stable, and the monthly payment does not break the budget.
- Saving: less debt burden, but there is a risk that housing prices will rise faster than savings.
- Mortgage: you get the apartment immediately, but the buyer pays interest and must keep up with regular payments.
- Mixed option: save up the down payment, use maternity capital or other support programs, and cover the remaining part with a mortgage.
The average savings period depends most on the apartment price, income level, share of monthly savings, initial capital, family support, and access to preferential programs.
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