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There are two and a half weeks left before the law on digital currencies comes into force, and banks have already rebuilt compliance. Large credit organizations request from companies the economic meaning of operations with cryptocurrencies and stablecoins, data on counterparties and confirmation that the crypto provider is included in the register of exchange operators of the Central Bank. The registry does not exist yet.

The crypt has ceased to be a gray area in foreign trade calculations. The State Duma adopted the law on digital currencies in the third reading — all types of cryptocurrencies and stablecoins are open to foreign trade participants in settlements with foreign counterparties. The rules will start working on September 1. At the same time, a satellite law was adopted, synchronizing almost two dozen existing acts. The business has a month and a half to prepare.

The central Bank of Brazil has targeted the next, more "heavy" layer of crypto regulation: rules for institutional virtual asset service providers (VASPs) that operate in a B2B model and maintain infrastructure for banks, fintech, brokers and large corporations. We are not talking about a showcase for retail, but about the "pipes and rails" of the market: custodians, compliance circuits, corporate wallets, settlement gateways, tokenization and integration with payment circuits.

Western Union has announced the launch of a pilot project to introduce stablecoins into the international money transfer system. The company expects that the technology will speed up transactions and reduce costs.

Stablecoins and decentralized finance (DeFi) have transformed from a niche hobby into a serious competitor for traditional banks. Experts' concerns are related to the massive outflow of customer deposits attracted by higher interest rates in the crypto world. The banking sector is facing an unprecedented challenge in recent decades.

Banks are sounding the alarm about stablecoins, but it's not about risks, it's about competition. We are looking into why the digital dollar offers returns ten times higher than a regular deposit, and how cryptoplatforms earn money from it. From simple rate comparisons to the world of DeFi, which is trying to build a financial system where there is simply no place for banks.