Russia Adds USDC Stablecoin to Approved Cryptocurrencies List

Russia is set to add Circle's USDC stablecoin to its list of approved cryptocurrencies for trading, along with Tether's USDT and major assets like Bitcoin (BTC) and Ethereum. The move follows a previous announcement that retail investors will be allowed to acquire and trade major cryptocurrencies. In an interview, Deputy Finance Minister Ivan Chebeskov revealed that the list of approved digital assets must feature coins with average capitalization exceeding 5 trillion rubles ($70 billion) over two years.

Chebeskov noted that while the focus is on widely used cryptocurrencies like Bitcoin and Ethereum, less prominent fiat-backed coins may also be admitted. He cited stablecoins tied to the Russian ruble or other national currencies as examples, including the UAE-issued dirham (AED).

Russia aims to regulate cryptocurrency transactions by July 1, 2026, with a draft law currently being finalized in collaboration between regulatory bodies and industry representatives. The proposed legislation has been criticized for introducing overly restrictive rules, but it includes key elements such as the legalization of crypto-related activities like investing and trading.