Russia Finance Ministry Calls to Create Its Own Crypto Stablecoin
In what would be a major development for the country and the industry, Russia has seen its Finance Ministry call for it to create its very own crypto stablecoin. Indeed, the nation has discussed the idea after digital wallets linked to the country were blocked from holding Tether’s USDT stablecoin last month.
Over the last several weeks, geopolitical tensions have increased amid the United States’ Liberation Day tariff plan. The move has sparked a brewing trade war, as the US dollar has continued to weaken in the process. Now, Russia is among a host of nations looking to create their own alternative currencies to the greenback.
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— Watcher.Guru (@WatcherGuru) April 16, 2025Russian Finance Ministry calls to create its own crypto stablecoin.
Also Read: China and Russia Begin Settling Trade Transactions Using Bitcoin
Russia Eyes Creation of Its Own Stablecoin In Major Crypto Shift
Over the last several years, the BRICS economic alliance has sought to lessen international reliance on the US dollar. The bloc has been at the forefront of de-dollarization as the West continues to weaponize the global reserve currency. Indeed, the arrival of the Trump administration has only exacerbated those issues for several countries through the presence of new sweeping tariffs.
That could only enhance the ongoing shift away from the currency and toward more diverse digital asset options. Russia, a key BRICS nation, has seen its Finance Ministry call for the creation of its very own crypto stablecoin in a Wednesday statement, according to a Reuters report.
Source: Reuters
Also Read: Russia Makes Huge Announcement on CBDC Currency Launch
“The recent blockchains make us think that we need to consider creating internal tools similar to USDT, possibly pegged to other currencies,” the ministry’s deputy head, Osman Kabaloev, said. Moreover, in early March, Tether had reportedly blocked Moscow-based digital wallets from holding over $30 million.
The move saw them suspend operations amid recent European Union (EU) sanctions. Alternatively, Russia’s Central Bank head, Elvira Nabiullina, said companies in the country are testing international cryptocurrency payments in an ongoing experiment. The move marks a continued and significant pro-crypto shift for the country.
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Russia Finance Ministry Calls to Create Its Own Crypto Stablecoin
In what would be a major development for the country and the industry, Russia has seen its Finance Ministry call for it to create its very own crypto stablecoin. Indeed, the nation has discussed the idea after digital wallets linked to the country were blocked from holding Tether’s USDT stablecoin last month.
Over the last several weeks, geopolitical tensions have increased amid the United States’ Liberation Day tariff plan. The move has sparked a brewing trade war, as the US dollar has continued to weaken in the process. Now, Russia is among a host of nations looking to create their own alternative currencies to the greenback.
JUST IN:
— Watcher.Guru (@WatcherGuru) April 16, 2025
Also Read: China and Russia Begin Settling Trade Transactions Using Bitcoin
Russia Eyes Creation of Its Own Stablecoin In Major Crypto Shift
Over the last several years, the BRICS economic alliance has sought to lessen international reliance on the US dollar. The bloc has been at the forefront of de-dollarization as the West continues to weaponize the global reserve currency. Indeed, the arrival of the Trump administration has only exacerbated those issues for several countries through the presence of new sweeping tariffs.
That could only enhance the ongoing shift away from the currency and toward more diverse digital asset options. Russia, a key BRICS nation, has seen its Finance Ministry call for the creation of its very own crypto stablecoin in a Wednesday statement, according to a Reuters report.
Source: Reuters
Also Read: Russia Makes Huge Announcement on CBDC Currency Launch
“The recent blockchains make us think that we need to consider creating internal tools similar to USDT, possibly pegged to other currencies,” the ministry’s deputy head, Osman Kabaloev, said. Moreover, in early March, Tether had reportedly blocked Moscow-based digital wallets from holding over $30 million.
The move saw them suspend operations amid recent European Union (EU) sanctions. Alternatively, Russia’s Central Bank head, Elvira Nabiullina, said companies in the country are testing international cryptocurrency payments in an ongoing experiment. The move marks a continued and significant pro-crypto shift for the country.
Read More