Russian Central Bank Plans to Allow Corporate Purchases of Foreign Stablecoins for Cross-Border Payments
The Russian Central Bank has released a draft proposal to allow domestic companies to purchase select foreign-issued stablecoins, with a primary aim to facilitate cross-border payments and address challenges from international sanctions. The plan marks a major regulatory shift, potentially boosting demand for fiat-backed stablecoins and increasing corporate access to digital assets, especially as access to SWIFT is limited. Notably, major USD-pegged stablecoins like Tether (USDT) and USD Coin (USDC) will remain restricted except for certain trade-related scenarios, due to Russia’s classification of these as ’unfriendly issuer’ assets. The central bank also proposes raising annual digital asset purchase limits for individuals from 600,000 rubles to 1 million rubles and removing limits for legal entities. This new approach may promote de-dollarization, expand BRICS partnership opportunities, and increase crypto trading volumes and liquidity within Russia. The public consultation is open until June 15, and final implementation could arrive by the end of the month—potentially accelerating the adoption and integration of stablecoins in Russia’s financial system.
Bullish
Allowing Russian companies access to foreign-issued stablecoins, especially for cross-border payments, is likely to increase overall stablecoin adoption and trading volumes within the Russian market. The relaxation of purchase limits for both individuals and companies may drive enhanced liquidity and greater integration of crypto assets into mainstream commerce. While top USD-pegged stablecoins (USDT, USDC) are mostly still restricted, the exception for trade and the encouragement to use non-Western stablecoins demonstrate a clear move towards de-dollarization and potential BRICS cooperation, which could further stabilize the market through diversification. For crypto traders, this policy shift is expected to have a bullish impact in the medium to long term as it broadens the scope for stablecoin use and injects new demand into the ecosystem.