Russia Considers Developing Its Own Stablecoins, Reports Reuters

Russia should develop its own stablecoins linked to various currencies, according to Osman Kabaloev, Deputy Director of the Financial Policy Department at the Ministry of Finance, as reported by Reuters.

His remarks come amid the blocking of Russian-linked stablecoins such as USDT. This refers to the freezing of assets on the Garantex exchange by Tether.

Kabaloev noted that creating domestic instruments similar to USDT could solve issues with international settlements. He added that such stablecoins could be tied to currencies not associated with the dollar.

In March, the US Department of Justice confirmed the blocking of Garantex domains and the freezing of $26 million in the platform’s wallets.

Meanwhile, the exchange’s team announced plans to compensate clients’ crypto assets and invited them to its Moscow office.

Later, it was revealed that Garantex user funds were transferred to the Grinex platform. The latter began operations in the Russian and CIS markets at the end of March.