Russia should be focusing on its own Fiat-backed stubcoins, a senior Treasury official said.
According to a Reuters report on April 16, Russia should announce its own stub coin after recent events related to the popular US dollar pegged stub coin tether (USDT). If it’s released, these stupid idiots could be pinned in other currencies.
The incident in question relates to reports that the USDT issuer blocked a Russian-related digital wallet belonging to a local crypto exchange that is subject to sanctions from the European Union.
Osman Kabaloev, deputy director of the Ministry of Finance’s monetary policy division, says Russia should consider “internal tools” in light of the blockage. In comments on Wednesday, Kabaloev said:
“We believe that due to recent interference, we need to consider creating internal tools similar to USDT.
read more: Italy is stoking caution against US stubcoin restrictions: “A greater threat than tariffs”
Tether blocked a USDT wallet belonging to the local Russian crypto exchange Garantex in early March 2025, and frozen $28 million on USDT. Garantex temporarily halted all services amid fallout. In a Telegram post in response to the blockage, the exchange declared:
“Tether took part in the war with the Russian crypto market, blocking wallets worth more than 2.5 billion rubles. Please note that all USDTs held in Russian wallets are currently under threat. As always, we are not the first, but not the last.”
In early April, the US Treasury flagged Garantex through the Office of Foreign Assets Control to promote transactions with designated terrorist group Houthi. OFAC imposed sanctions on eight addresses relating to exchanges.
Comments from officials of the Russian Treasury Ministry come as stubcoin is becoming increasingly popular throughout the payments ecosystem. And in its regulatory focus on Stablecoins, it will be from the market across the EU through the Crypto Assets rules market to the new Stablecoin Bills in front of US lawmakers.
Importantly, Russian companies are reportedly considering cryptocurrency for payments amid sanctions. Moscow supports the use of crypto in international payments.
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