The Russian digital asset market is making a sharp U-turn. Contrary to recent tough statements, the authorities are preparing the ground for legalizing the circulation of the largest stablecoins — USDT and USDC. Starting September 1, 2026, qualified investors will be able to legally acquire these assets through domestic licensed platforms. Corresponding amendments to the law "On Digital Financial Assets" have already been prepared by the relevant State Duma committee for the second reading.
This decision is a real sensation against the backdrop of the position regulators held as recently as early summer. Recall that in June, the Ministry of Finance proposed postponing the issue of stablecoin regulation indefinitely, and the head of the State Duma committee, Anatoly Aksakov, spoke of joint work with the Central Bank only in the autumn perspective. However, the dynamics changed rapidly: norms for USDT and USDC were promptly included in the current version of the document.
Legal nuance: why stablecoins required a separate category
The key problem the amendments solve is a legal inconsistency. Current Russian legislation defines digital currency as an asset for which there is no obligor to the holders. The issuers Tether and Circle, on the contrary, guarantee the backing of the tokens and undertake to buy them back at a fixed price. Thus, stablecoins did not fall under the standard definition of cryptocurrency.
To resolve this conflict, lawmakers introduced two new categories: "foreign digital instrument" and "non-deliverable digital instrument." The second category includes backed stablecoins. Buyers receive the right to demand the exchange of tokens for real money at face value, while the digital asset itself is not recognized as a security. This approach fully aligns with the position of the Central Bank, which in its summer analytical reports clearly separated these concepts, classifying foreign-backed coins as foreign digital rights.
From risks to a legal instrument: a month before the change
As recently as early June, authorities called operations with stablecoins "extremely dangerous" and seriously discussed a complete ban on trading dollar tokens. However, the business community managed to convince officials. The strict ban was replaced by economic restrictions — for example, increased fees for assets from unfriendly countries.
The main concerns of regulators are related to the foreign jurisdiction of the issuers. U.S. authorities can influence the creators of the coins, as has already happened with Tether, which blocked hundreds of millions of dollars at the request of U.S. regulators. At the same time, the Central Bank maintains strict control over domestic settlements: the ruble remains the only legal tender within the country. Stablecoins still cannot be used for purchases in Russian stores.
On the other hand, financial authorities approve their use in international trade. The new rules are designed to help companies make cross-border payments — and here the scope of application is virtually unlimited. Enterprises will be able to use stablecoins for contract settlements without restrictions.
However, access to exchange trading will not be available to everyone. Only professional market participants will be allowed to freely purchase such instruments. Ordinary citizens will be able to legally acquire them only after the specific coin is approved by the Central Bank. Previously, a limit of 300,000 rubles on cryptocurrency purchases was planned for retail investors.
Analyst's opinion: The legalization of USDT and USDC in Russia is a pragmatic step dictated by the real needs of businesses under sanctions pressure. However, strict access only for qualified investors and the retention of the ruble as the sole legal tender within the country indicate that full market liberalization should not be expected. Regulators continue to balance between the need to integrate into the global crypto economy and the risks associated with the jurisdiction of the issuers.