17.04.2025 10:22
Officials from the Russian Ministry of Finance emphasize the importance of developing the country's own stablecoin in light of increasing external sanctions. This step aims to minimize the risks associated with the use of global stablecoins like Tether and to enhance financial independence.
Russia is reassessing its approach to digital assets to mitigate the impact of international sanctions. Recent account freezes have strengthened the idea of developing a local stablecoin. Financial officials state that this move could contribute to the country's economic and digital independence goals.
Russia Closely Examines Stablecoins
Osman Kabaloev, deputy director of the financial policy department of the Russian Ministry of Finance, stated that the country needs to create its own stablecoin following recent sanction developments. Kabaloev said, "We are not imposing restrictions on the use of stablecoins under the experimental legal regime. However, it has been observed that the use of assets like Tether can pose risks. This situation indicates that we need to consider developing local instruments that can be pegged to other currencies in a similar manner."
The freezing of wallets belonging to some crypto exchanges under sanctions in the country is increasing interest in the local stablecoin idea. In particular, the freezing of the domain names and related accounts of the Garantex exchange by U.S. authorities on March 6, under the allegation of money laundering, followed by Tether halting assets worth approximately $27 million, raised concerns in financial circles in Russia. Thus, the search for a more independent digital currency in the face of external interventions has gained momentum.
Another approach adopted by the Moscow administration has been to update the legislation regarding crypto assets to define them as property. Additionally, Evgeny Masharov, a member of the Russian Civic Chamber, proposed the idea of establishing a state crypto fund that would include assets seized from criminal proceedings on March 20. This fund proposal and new regulatory efforts aim to increase the country's control over digital assets while simultaneously creating protective mechanisms against economic sanctions.
On the other hand, the global stablecoin market has recorded rapid growth, surpassing $200 billion by early 2025. According to market reports, the number of active stablecoin wallets has increased by over 50% in the past year. With the rise in bot usage in 2024, demand for stablecoins has increased, and the total stablecoin volume reached $27.6 trillion, surpassing the total volume of international payment giants by 7.7%. The positioning of Russia's new digital currency efforts within this global wave is being closely monitored.