Russia’s finance ministry suggests creation of ruble stablecoin post-Tether ban

Russia is expected to watch its own fiat stable stable, said a senior official of the Ministry of Finance.

According to a reuters report On April 16, Russia should reveal its own stable After recent events linked to the popular American dormant, Tablecoin Tether (USDT). If launched, these stablecoins could be fixed to other currencies.

The incident in question concerns the reports according to which the USDT transmitter blocked digital portfolios linked to Russia belonging to an exchange of local crypto which was sanctioned by the European Union.

Osman Kabaloev, deputy chief of the financial policy department of the Ministry of Finance, says Russia should be envisaged “internal tools” in light of the blocking. Wednesday, in comments, Kabaloev said:

“The recent blocking makes us think that we must consider creating internal tools similar to the USDT, perhaps fixed to other currencies.”

Tether blocked USDT portfolios belonging to Garantex, an exchange of local Russian crypto in early March 2025, freeing $ 28 million in USDT. Guarantx briefly suspended all its services in the middle of the fallout. In a Publish on Telegram Responding to the blocking, the exchange said:

“TETHER has entered the war against the Russian market of cryptography and blocked our portfolios worth more than 2.5 billion rubles … Please note that all the USDT held in Russian wallets are now threatened. As always, we are the first, but not the last.”

In early April, the American Treasury Department, through its Office of foreign assets controlA reported Guarantx as facilitation of transactions for the terrorist entity designated Houthi. Ofac imposed sanctions On eight addresses on exchange.

The remarks of the head of the Russian Ministry of Finance come while the stablecoins are becoming more and more popular throughout the payments ecosystem. It also occurs in the middle of the growing regulatory concentration on stabbed – from all the EU via the rules of the rules Bills Stableco Bills Currently before legislators in the United States.

Significantly, Russian companies have would have examined cryptocurrencies For payments in the midst of sanctions. Moscow supports the use of crypto in international payments, with this among some of the user -friendly developments in the country.