A senior official from Russia’s Finance Ministry has proposed that the country create its own stablecoin, following the recent blockage of Russian-linked digital wallets holding USDT, a popular US-dollar pegged cryptocurrency.
Russia’s Stablecoins Dilemma
Speaking on Wednesday, Osman Kabaloev, Deputy Head of the Ministry’s Financial Policy Department, highlighted the need for Russia to develop stablecoins pegged to foreign currencies as a safeguard against such disruptions. “The recent blockage makes us think that we need to consider creating internal tools similar to USDT,” Kabaloev said.
Russian companies have leaned heavily on cryptocurrencies like USDT for international transactions, especially as Western sanctions have increasingly isolated the nation from global financial systems. Although regulators have allowed for the limited use of crypto in cross-border payments, the sudden freeze by Tether, the company behind USDT, has raised concerns.
On March 6, Russian crypto exchange Garantex revealed that Tether had frozen wallets on its platform holding over 2.5 billion rubles (approximately $30 million), forcing a halt in operations just days after new EU sanctions were announced.
On the other side of the world, Russia’s arch-rival, the US has been silently striding for its own stablecoin regulations. An official bill from the US House Financial Services Committee outlining a stablecoin structure was recently approved. The bill has now moved to the House floor for a vote. This comes after STABLE ACT which aims to offer a comprehensive regulatory structure for stablecoins in the US, was introduced in late March 2025.
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