Russia Advocates for Development of Domestic Stablecoins
In response to recent financial sanctions and the blocking of Russia-linked digital wallets containing over 2.5 billion rubles in USDT by Tether, a senior official at Russia's Finance Ministry has advocated for the development of domestically produced stablecoins. Osman Kabaloev, the deputy head of the ministry's financial policy department, emphasized the need for internal tools similar to USDT, possibly pegged to other currencies, to ensure financial sovereignty and reduce reliance on foreign digital assets.
The Russian government is actively exploring the creation of stablecoins backed by tangible assets like gold, aiming to facilitate cross-border settlements without relying on the U.S. dollar or euro. Deputy Finance Minister Alexey Moiseev highlighted ongoing collaborations with several countries to develop bilateral platforms utilizing tokenized instruments, such as gold-pegged stablecoins, to enhance transparency and mutual trust in international transactions.
While the Central Bank of Russia has traditionally opposed the use of cryptocurrencies for domestic payments, it has shown a willingness to support experimental use of digital assets for international settlements. This shift indicates a strategic move towards integrating stablecoins into Russia's financial ecosystem, potentially leading to the establishment of state-linked cryptocurrency exchanges and the issuance of a stablecoin pegged to the Chinese yuan and a basket of BRICS currencies.
