Russian qualified investors will soon gain long-awaited access to the largest stablecoins. Starting September 1, 2026, USDT and USDC will officially become available for purchase through licensed domestic platforms. The legislative framework for this has already been prepared by the relevant committee of the State Duma — corresponding amendments for the second reading of the government bill on digital currencies have been submitted and are actively undergoing approval.
The market is experiencing a sharp reversal. As early as the beginning of July, committee head Anatoly Aksakov stated that work with the Central Bank on rules for stablecoins would begin no earlier than autumn, and the Ministry of Finance even proposed postponing this issue until the adoption of the basic cryptocurrency law. However, norms for USDT and USDC are now promptly included in the current version of the document.
Why stablecoins needed a separate category
Current legislation recognizes as digital currency only those assets for which the issuer has no obligations to holders. But Tether and Circle operate differently: they guarantee token backing and commit to repurchasing them at a fixed price. Due to these obligations, stablecoins legally did not fit the standard definition of cryptocurrency.
To resolve this conflict, deputies introduced two new categories:
| New term | Essence and legal features |
| Foreign digital instrument | Covers various obligation rights in foreign 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 lawmakers assigned 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 considered a security. This approach fully aligns with the position of the Central Bank, which in its summer analytical reports clearly separated these concepts and classified foreign backed coins as foreign digital rights.
USDT and USDC today account for nearly 89% of the entire global stablecoin market.
From risky asset to legal instrument in a month
Domestic regulators changed their position surprisingly quickly. As early as the beginning of June, authorities called operations 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, and the strict ban was replaced with 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 already blocked hundreds of millions of dollars at the request of U.S. regulators. Meanwhile, the Central Bank maintains strict control over domestic settlements: the ruble remains the sole legal tender within the country. Using stablecoins for purchases in Russian stores is still not allowed.
On the other hand, financial authorities approve of their use in international trade. The new rules are designed to help companies conduct cross-border payments. Not everyone will gain access to exchange trading: only professional market participants will be allowed to freely purchase such instruments. Ordinary citizens will be able to legally acquire them only after a specific coin is approved by the Central Bank. The rules will not affect companies paying for import supplies — enterprises will be able to use stablecoins for contract settlements without restrictions. Previously, a limit of 300,000 rubles on cryptocurrency purchases was planned for ordinary citizens.
The future of ruble-based digital analogs remains uncertain. The popular ruble token A7A5 holds a huge market share, but the Central Bank ignores it in reports. Meanwhile, major Russian banks are trying to unite to create their own stablecoin. The current amendments regulate exclusively foreign platforms and assets — lawmakers will begin detailed work on rules for domestic projects only at the end of autumn.
My analysis: The legalization of USDT and USDC is a pragmatic step driven by the needs of foreign trade, rather than concern for retail investors. However, in the long term, this precedent will inevitably lead to expanded access for all categories of citizens, as it is practically impossible to completely isolate retail demand from institutional demand within the same infrastructure.