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The Central Bank of Russia has announced intentions to permit local companies to purchase foreign stablecoins, although it appears set to prohibit them from acquiring USDT and USD Coin (USDC).
According to an official notice from the Central Bank and a report by the Russian media outlet RBC, the bank has made its proposal available for public commentary. Feedback on the plan will be accepted until June 15.
Russian Stablecoins Initiative
The draft proposal indicates that the bank aims to allow Russian legal entities that do not qualify as “qualified investors” to obtain “foreign digital rights.” The bank stated that trading in these assets should be permitted “without any limitations.”
The USDC market cap over the past month. (Source: CoinGecko)
RBC reported: “Certain cryptocurrencies, particularly stablecoins, may fall under the bank’s definition” of foreign digital rights.
However, the same outlet noted that the regulatory change is unlikely to facilitate Russian companies wishing to trade assets such as USDT and USDC.
In mid-May, the bank revised its criteria for foreign assets permitted to circulate within the Russian market.
The updated requirements explicitly prohibit assets that are based on “securities issued by unfriendly issuers.”
Nonetheless, there is an exception for companies that utilize USDT and USDC as a payment method in cross-border trade agreements.
US Treasury Bill Reserves: A Challenge for Russia?
Tether’s reserves are reportedly primarily composed of cash, cash equivalents, short-term deposits, and US Treasury bills.
Source: @OllieF/Dune
Circle, the operator of USDC, also maintains a significant portion of its reserves in short-dated treasuries held in regulated, sanctions-compliant domestic banks.
However, the proposed regulatory change would enable Russian firms to engage in stablecoin-based transactions with BRICS nations and other allies of Moscow.
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Following the recent BRICS Summit, which took place in Kazan, Russia, in October 2024, several technology stakeholders in India and other locations announced plans for stablecoins within the bloc.
BRICS participants have also proposed the creation of a gold-backed stablecoin that would eliminate the necessity for dollar-denominated trade.
Beijing and Hong Kong have also expressed interest in adopting stablecoins that do not rely on USD-related assets.
Ukraine claims it attacked the Crimean Bridge with explosives as Russia halts traffic on the route connecting the annexed Black Sea peninsula with the Russian mainland https://t.co/RK1GJ4Y34b
— Bloomberg (@business) June 3, 2025
Meanwhile, Moscow has been investigating its own stablecoin alternatives, as well as digitized securities.
DFAs Regulatory Change Approaching
The scale of Russia’s digital financial assets (DFAs) market continues to grow. The bank’s latest proposals also suggest reducing the entry threshold for the market.
Currently, qualified investors are limited to spending a maximum of 600,000 rubles ($7,570) annually on DFAs. However, the bank intends to nearly double this limit.
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 bank proposes allowing citizens to purchase up to 1 million rubles ($12,618) worth of DFAs each year.
The document specifies that all Russian legal entities will be permitted to acquire DFAs without any restrictions, regardless of their qualified investor status.
The bank emphasized that this will enable firms to utilize DFAs more actively. The regulator indicated that this change could assist firms in addressing commercial challenges.
If the proposal does not encounter significant objections, the bank may formalize its proposal into binding regulations for the domestic banking sector.
These regulations could be implemented before the end of the month, as explained by the Central Bank.
The post Russian Central Bank Wants to Let Corporations Buy Foreign Stablecoins appeared first on Cryptonews.
