ЦБ рассказал, что происходит на рынке ЦФА

cryptonews.ruPublished on 2025-08-10Last updated on 2025-11-11

Рынок цифровых финансовых активов в России быстро развивается и становится важным инструментом для краткосрочного финансирования бизнеса. Объем размещений уже превысил 600 млрд руб., и рост продолжается.

Свежими данными поделился ЦБ в обзоре рисков финансовых рынков за октябрь 2025 года. Рассказываем, что происходит на рынке ЦФА.

Что такое ЦФА: полный гайд и ответы на вопросы

Ключевые показатели III квартала 2025 года

  • 623 млрд руб. — объем ЦФА в обращении (+22% за квартал, +128% с начала года);
  • 484 млрд руб. — объем новых выпусков;
  • 66% — доля выпусков со сроком до 1 месяца;
  • 43% и 44% — доли квалифицированных и неквалифицированных инвесторов среди юрлиц;
  • около 50% — доля банковских операторов, по 24% — финтех-компаний и биржевых платформ;
  • 546 тыс. — зарегистрированных пользователей, 62 тыс. — активных (11% от базы).

Основные тенденции

К началу октября объем ЦФА в обращении достиг 623 млрд руб., что на 22% больше, чем в конце второго квартала, и на 128% выше начала года. За третий квартал выпущено ЦФА на 484 млрд руб. Большинство из них — рублевые долговые активы с фиксированной доходностью и коротким сроком обращения.

Объем рынка ЦФА и число обращающихся выпусков на конец квартала.
Объемы рынка ЦФА и количество выпусков, находящихся в обращении на конец квартала.

Две трети всех выпусков (66%) рассчитаны на срок до одного месяца, что говорит о спросе на краткосрочные инструменты для бизнеса.

Распределение объемов размещений ЦФА между различными группами инвесторов.
Структура выпусков ЦФА по объему размещений в разрезе категорий инвесторов.

Кто выпускает и где размещают

Почти половина всех размещений приходится на платформы, которые принадлежат банкам. Еще по 24% занимают финтех-компании и биржевые площадки. Банки остаются основными игроками, но альтернативные платформы постепенно укрепляют позиции.

Распределение объемов размещений ЦФА по срокам обращения.
Структура рынка ЦФА по объемам размещений с учетом сроков обращения.

Кто покупает ЦФА и как меняется активность

Главные инвесторы на рынке — юридические лица. В третьем квартале доли квалифицированных и неквалифицированных юрлиц были примерно равны — 43% и 44%. Количество зарегистрированных пользователей платформ выросло до 546 тыс. (+31% за квартал), но активных стало меньше — 62 тыс. против 97 тыс. раньше (–36%). Доля активных пользователей снизилась с 23% до 11%, главным образом из-за снижения интереса со стороны частных инвесторов.

Изменение числа зарегистрированных и активных пользователей платформ, через которые выпускаются и обращаются ЦФА, на конец отчетного периода.
Динамика зарегистрированных и активных пользователей платформ операторов информационных систем, на которых осуществляется выпуск и обращение ЦФА, на конец отчетного периода.

Что рост рынка значит для участников

Эмитентам

ЦФА стали удобным инструментом для быстрого привлечения средств. Можно выпускать короткие серии бумаг на срок до месяца под фиксированную ставку. Основной спрос идет от юридических лиц, поэтому условия выпусков стоит подстраивать под их интересы.

Инвесторам-юрлицам

ЦФА позволяют гибко управлять ликвидностью и получать предсказуемый доход при минимальных рисках. Растущее число платформ делает выбор площадки и условий размещения особенно важным.

Частным инвесторам

Хотя общее число пользователей растет, активность физических лиц снижается. Сейчас рынок в основном ориентирован на корпоративных участников и краткосрочные инструменты.

Напомним, ранее редакция BeInCrypto поговорила с экспертом о том, почему ЦФА на самом деле не прижились в России.

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