The Central Bank of Russia has announced intentions to permit domestic companies to purchase foreign stablecoins, while it appears poised to restrict acquisitions of Tether (USDT) and USD Coin (USDC).
As detailed in an official notice from the Central Bank and a report by Russian media outlet RBC, the proposal is currently open for public discussion, with feedback being accepted until June 15.
Russian Stablecoins Initiative
The draft outlines that the bank aims to allow Russian legal entities that do not qualify as “qualified investors” to obtain “foreign digital rights.” It emphasizes that trading these assets should occur “without any restrictions.”
RBC noted, “Certain cryptocurrencies, particularly stablecoins, may fit the bank’s definition” of foreign digital rights.
However, the report also highlighted that this regulatory adjustment is unlikely to permit Russian firms to engage in trading USDT and USDC.
Earlier in May, the Central Bank revised the criteria for overseas assets that are permitted within the Russian market.
This recent amendment explicitly prohibits assets that are linked to “securities issued by unfriendly issuers.”
Nonetheless, exceptions exist for companies using USDT and USDC as payment mediums in cross-border transactions.
Concerns Over US Treasury Bill Reserves
Tether’s reserves are believed to consist primarily of cash, cash equivalents, short-term deposits, and US Treasury bills.
Source: @OllieF/Dune
Circle, the operator of USDC, reportedly maintains a significant portion of its reserves in short-dated treasuries held within regulated and sanctions-compliant domestic banks.
The proposed regulatory changes would enable Russian firms to engage in stablecoin transactions with BRICS nations and other allies of Moscow.
Following the latest BRICS Summit in Kazan, Russia, in October 2024, several technology leaders from India and other nations introduced stablecoin initiatives for the bloc.
Additionally, BRICS representatives have proposed the concept of a gold-backed stablecoin to eliminate reliance on dollar-denominated trade.
Discussions are also underway in Beijing and Hong Kong about the adoption of stablecoins that do not utilize USD-related assets.
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Moscow, for its part, is actively investigating its own stablecoin prospects alongside plans for digitized securities.
Upcoming Changes to Digital Financial Assets Regulation
The market for Russia’s digital financial assets (DFAs) continues to grow, with the Central Bank’s new plans advocating for a reduction in the entry threshold.
Currently, qualified investors are limited to an annual investment of 600,000 rubles (approximately $7,570) in DFAs. The Central Bank intends to nearly double this cap.
Foreign exposure to US assets may be lower than anticipated – column by @ReutersJamie https://t.co/4N528c8O5K pic.twitter.com/2YBnZoQf8W
— Reuters Energy and Commodities (@ReutersCommods) June 3, 2025
The proposal aims to allow citizens to invest up to 1 million rubles (around $12,618) in DFAs annually.
The document indicates that all Russian legal entities will have the ability to acquire DFAs without restrictions, regardless of their qualified investor status.
The Central Bank noted that this initiative would facilitate greater utilization of DFAs by firms, potentially assisting them in addressing commercial challenges.
If significant objections do not arise from the public consultation, the bank expects to finalize its proposal as mandatory guidelines for the domestic banking sector.
These regulations could take effect before the end of the month, as stated by the Central Bank.
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