The Ministry of Finance of Russia
The creation of national stablecoins after the blocking of digital wallets associated with the country that held the USDT token. The proposal was put forward by Osman Kabaloev, deputy director of the ministry’s financial policy department, in response to recent measures taken against Russian companies involved in the cryptocurrency sector.
The episode that sparked the debate was the suspension of wallets linked to the Garantex brokerage, which stored more than 2.5 billion rubles in USDT. The measure was applied after the European Union imposed sanctions on the company, accusing it of collaborating with sanctioned banks such as Sberbank and Alfa-Bank, facilitating operations to circumvent international restrictions.
Tether, the issuer of USDT, responded by freezing the exchange’s assets, which led to Garantex’s halt in cryptocurrency trading. The company’s infrastructure was subsequently seized by law enforcement agencies in the United States and Europe, and the U.S. Department of Justice charged the platform’s main operators with involvement in financial crimes and money laundering. The exchange is estimated to have processed more than $96 billion in illegal transactions.
Faced with the difficulties imposed by sanctions, the Russian government has been testing new ways to integrate cryptocurrencies into its international transactions. The governor of the Bank of Russia, Elvira Nabiullina, confirmed that companies in the country are participating in an experimental project to use cryptocurrencies in external payments. However, she remains against the use of these assets in domestic trade.
In March, reports circulated that Russia had used Bitcoin and USDT in negotiations with China and India involving oil exports. The episode reflects the country’s efforts to adopt digital currencies as alternatives to maintain the flow of international trade.
In addition to the proposal for new stablecoins, the government is also discussing the use of the digital ruble as another alternative to minimize the effects of Western economic restrictions.