USDT Blockage Spurs Russia to Explore Own Stablecoin Initiative

A senior Russian Finance Ministry official has proposed creating Russia’s own stablecoins, pegged to various currencies, in response to the recent blocking oaf USDT wallets linked to Russia.

The move comes after Tether blocked over $30 million in wallets on the Garantex platform due to EU sanctions. Stablecoins, particularly dollar-pegged ones, have been vital for Russian firms to navigate sanctions and conduct international transactions. Despite opposition from Russia’s central bank head, Elvira Nabiullina, against using cryptocurrencies for domestic payments, Russian businesses are increasingly exploring crypto for cross-border transactions.

Clever Robot News Desk 18^th April 2025