Michaela
Russia has reportedly planned to launch its own stablecoins, potentially pegged to multiple currencies, following recent developments surrounding the U.S. dollar-backed Tether stablecoin.
Reports suggest that Tether, the issuer of USDT, blocked digital wallets linked to a Russian crypto exchange that had been sanctioned by the European Union.
Osman Kabaloev, deputy head of the financial policy department at Russia’s Finance Ministry, suggested that Russia explore “internal tools” following the recent wallet blockages. In a statement on Wednesday, Kabaloev highlighted the need to create alternatives similar to USDT, potentially pegged to other currencies, in response to the situation.
As the regulatory landscape evolves, new projects are targeting the U.S. market, with Russia increasingly seeking digital alternatives in light of mounting financial restrictions. Given the ongoing trade tensions between the U.S. and China and the pressure on the U.S. dollar, this could be an opportune moment for Russia to enter the stablecoin space. Many countries, burdened by high tariffs, are already exploring de-dollarization as an option.
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A ruble-backed token could help reduce the region’s dependence on USDT and USDC, both pegged to the U.S. dollar and bolster Russia’s ongoing effort to move away from dollar-based trade. While Elvira Nabiullina, head of Russia’s central bank, remains opposed to using crypto for domestic payments, she has confirmed that several Russian companies are participating in a government-backed trial exploring international crypto transfers.
In early April, the U.S. Department of the Treasury, through its Office of Foreign Assets Control (OFAC), sanctioned Garantex for facilitating transactions linked to the designated terrorist group, Houthi. The sanctions targeted eight addresses on the exchange.
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These developments come as stablecoins gain traction across the payments ecosystem, attracting growing regulatory attention. This includes the European Union’s Markets in Crypto Assets (MiCA) regulations and new stablecoin bills in the United States. Amid increasing sanctions, Russian companies are reportedly exploring cryptocurrencies for payments, with Moscow actively supporting their use in international transactions, marking a key move in the country’s crypto-friendly initiatives.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
