Banks are demanding explanations from businesses regarding USDT: what lies behind the new requests
The increasing requests from Russian banks to corporate clients about the origin and economic purpose of cryptocurrency transactions, especially with USDT stablecoins, are not related to the recently adopted law on digital rights. This regulatory act will only come into force on September 1, 2026, but credit institutions have already intensified their compliance procedures, and the reasons for this lie in a different area.
In my assessment, banks are acting proactively, guided not so much by the formal requirements of the new legislation as by the real risks posed by transactions with digital assets. The regulator and financial institutions are well aware that cryptocurrencies and stablecoins are often used for illegal transactions, including the financing of activities directed against the country's interests. It is precisely to conceal payment trails that unscrupulous market participants are increasingly resorting to tools such as USDT.
Why banks are tightening control
Credit institutions receive clear indicators from the regulator pointing to the potential illegality of transactions. At the same time, the banks themselves have accumulated sufficient experience and analytical expertise to assess how legitimately a client uses cryptocurrencies in the market. This is not a one-off campaign but systematic work that will only intensify.
It is important to understand: the law "On Digital Currency and Digital Rights" is just the tip of the iceberg. Preparations are already underway to implement a regime for retail investors. The Central Bank has proposed setting a limit of 300,000 rubles per year on cryptocurrency purchases for non-qualified investors from each intermediary, and including Bitcoin, Ethereum, and USDT in the list of permitted assets. The regulator is accepting comments on this draft until August 24 inclusive.
Interest in digital assets is also supported by their returns. In July 2026, Bitcoin showed a result of 10.1%, becoming the most profitable instrument in the Bank of Russia's review, ahead of all Russian industries and foreign securities. The closest competitor lagged by more than 2 percentage points.
The growing popularity of cryptocurrencies among businesses and citizens goes hand in hand with tighter control. The state is establishing rules for the circulation of digital currencies, while banks are simultaneously strengthening the verification of client transactions. This is an inevitable process, and companies working with USDT and other stablecoins should prepare documentary justification for their transactions in advance to avoid blocks and claims from financial monitoring.
My conclusion: the banks' requests are not a bureaucratic whim but a signal of the formation of a new reality where cryptocurrencies will be under full supervision. Businesses legally using digital assets will have to prove the cleanliness of their operations, and those who do this systematically will gain a competitive advantage.