Russia whitelists USDC and leaves door open for Dubai issued stablecoins
Russia is going to add Circle’s USDC to a list of cryptocurrencies approved for trading, which already includes Tether’s USDT as well as Bitcoin and Ethereum.
While it’s preparing to soon legalize leading digital assets, Moscow is now indicating it’s also willing to admit smaller non-dollar stablecoins to its regulated market.
Russians to be permitted to use USDC in crypto trading
Ordinary Russians may be granted access to another major stablecoin this summer, according to a top official from their finance ministry.
Russia wants to legalize crypto transactions, and it already announced that retail investors will be able to acquire and trade major cryptocurrencies.
Earlier in June, the Central Bank of Russia (CBR) said the shortlist includes the two with the largest market cap, Bitcoin (BTC) and Ethereum (ETH).
It also noted that the dollar-pegged stablecoin Tether (USDT) will be greenlighted, too, but made it clear it’s against adding more coins for now.
However, commenting on the matter this week, Deputy Finance Minister Ivan Chebeskov revealed that another crypto tied to the Greenback, USDC, will be approved as well.
The list of digital assets that non-qualified investors will be allowed to invest in must feature coins with average capitalization exceeding 5 trillion rubles (nearly $70 billion) over a period of two years.
In an interview with the Expert.ru portal published Tuesday, the high-ranking Minfin official elaborated:
“That is, we are choosing generally accepted, widely used cryptocurrencies worldwide — primarily Bitcoin, Ethereum, and the USDT and USDC stablecoins.”
Speaking on the sidelines of the St. Petersburg International Economic Forum (SPIEF 2026), Chebeskov further unveiled that less prominent fiat-backed coins may be admitted, too.
Also quoted by the business daily Izvestia, he noted he was referring to “those cryptocurrencies whose capitalization has not yet reached this level, but which are issued in friendly jurisdictions.”
Chebeskov cited stablecoins tied to the Russian ruble (RUB) or other national currencies like the United Arab Emirates dirham (AED) as examples.
One such cryptocurrency, the ruble-pegged A7A5, has already been hit with multiple sanctions over its use to circumvent financial restrictions imposed on Russia over its war in Ukraine.
In September 2025, financial authorities in Moscow recognized it as a digital financial asset under the existing DFA law, allowing Russian companies to use it for cross-border payments in foreign trade.
The Kyrgyzstan-issued crypto has processed over $110 billion in transfers since its launch early last year, according to the blockchain security firm CertiK, making it the world’s largest non-dollar stablecoin.
Russia to regulate crypto transactions by July 1, 2026
The volume of cryptocurrency transactions in Russia is reaching approximately 50 billion rubles daily (close to $695 million), Ivan Chebeskov announced at a banking conference in February.
During a session devoted to digital financial assets, he remarked that the growth in this turnover is an indication of Russians’ significant interest in crypto and their active participation in the market.
After almost a decade of deliberation, which saw various regulatory proposals, including full prohibition, Russian authorities finally decided they would better regulate rather than ban cryptocurrencies like Bitcoin.
A dedicated draft law, based on a comprehensive policy developed by the Bank of Russia, overcame its first parliamentary hurdle in April and must be adopted by July 1 at the latest.
The legislation has been criticized by both bankers and lawmakers for introducing overly restrictive rules. Proposals have been made to liberalize the framework.
The bill is currently being finalized in collaboration between regulatory bodies, other government agencies and representatives of the traditional financial sector and the crypto industry.
One of the key elements of the law “On Digital Currency and Digital Rights” is the legalization of crypto-related activities such as investing and trading.
Under its provisions, non-qualified investors in Russia will for the first time be given legal access to cryptocurrencies, although under strict limitations such as an annual investment limit of 300,000 rubles (around $4,000).
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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