Russian qualified investors and businesses will receive an official opportunity to acquire the largest stablecoins — USDT and USDC — through licensed domestic platforms. Starting September 1, 2026, these assets will become part of the legal circulation of digital currencies in the country. Corresponding amendments for the second reading of the government's digital currency bill have already been prepared by the relevant State Duma committee.
This decision came as an unexpected turn. As early as the beginning of July, committee head Anatoly Aksakov stated that joint work with the Central Bank on rules for stablecoins was only planned for the fall. And the Ministry of Finance at the beginning of summer even proposed postponing this issue until the adoption of the basic cryptocurrency law. However, the legal necessity of regulating stablecoins proved stronger than bureaucratic delays.
Why Stablecoins Required a Separate Category
The key problem lay in the legal definition. Current legislation recognizes as digital currency only an asset for which there is no obligor to the holders. But the issuers of USDT (Tether) and USDC (Circle) operate differently: they guarantee the backing of tokens and commit to repurchasing them at a fixed price. Due to these obligations, stablecoins did not fall under the standard Russian definition of cryptocurrency.
To resolve this conflict, deputies introduced two new legal categories:
| New Term | Essence and Legal Features |
| Foreign Digital Instrument | Covers various rights of obligation in foreign information systems. Ordinary securities are not included here. |
| Non-Deliverable Digital Instrument | Certifies exclusively monetary claims without direct delivery of the underlying asset. |
It is to the second category that legislators assigned backed stablecoins. Buyers receive the right to demand the exchange of tokens for real money at face value, but the digital asset itself is not considered a security. This approach is fully consistent 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.
Today, USDT and USDC account for nearly 89% of the entire global stablecoin market.
From Risky Asset to Legal Instrument in a Month
The speed at which Russian regulators changed their position is striking. As early as the beginning of June, authorities called transactions with stablecoins extremely dangerous and seriously discussed the idea of a complete ban on trading dollar tokens. However, the business community managed to convince officials. As a result, the strict ban was replaced by economic restrictions — for example, increased fees on assets from unfriendly countries.
The main concerns of the authorities are related to the foreign jurisdiction of the issuers. U.S. authorities can influence the creators of the coins — Tether has previously blocked hundreds of millions of dollars at the request of U.S. regulators. However, the Central Bank maintains strict control over domestic settlements: the only legal tender within the country remains the ruble. Using stablecoins for purchases in Russian stores is still not allowed.
On the other hand, financial authorities approve their use in international trade. The new rules are designed to help companies conduct cross-border payments — this area remains the most in demand for businesses under sanctions pressure. Enterprises will be able to use stablecoins for contract settlements without restrictions. For ordinary citizens, a limit on cryptocurrency purchases of 300,000 rubles was previously planned, but the final access parameters for retail investors are still being clarified.
As for ruble stablecoins, their fate has not yet been determined. The popular A7A5 token occupies a huge market share, but the Central Bank ignores it in its reports. Large Russian banks are trying to unite to create their own stablecoin, but the current amendments regulate exclusively foreign assets. Legislators will begin detailed work on rules for domestic projects only at the end of autumn.
Expert opinion: The legalization of USDT and USDC in Russia is a pragmatic step dictated by business needs, not ideology. However, the key risk remains: dependence on American issuers, who can freeze assets at the first request of OFAC. Russian companies should consider stablecoins as a temporary tool for international payments, while simultaneously developing their own ruble analogs and infrastructure for independent payments.