Russia Eyes Creation of Its Own Stablecoins
A senior official from Russia’s Finance Ministry has called for the development of domestically controlled stablecoins, following the recent blocking of Russian-linked wallets holding USDT by Tether.
Osman Kabaloev, deputy head of the ministry’s financial policy department, stated that Russia must begin exploring the creation of stablecoins pegged to foreign currencies to avoid future disruptions. The proposal comes in response to Tether freezing wallets belonging to the sanctioned Russian crypto exchange Garantex, which held over 2.5 billion rubles (roughly $30 million USD) in USDT.
“The recent blockage makes us think that we need to consider creating internal tools similar to USDT, possibly pegged to other currencies,” Kabaloev said during a public statement on Wednesday.
Tether’s Move Spurs Strategic Shift
The freeze, revealed in early March, occurred just days after the EU imposed sanctions on Garantex. As a result, the exchange was forced to suspend operations. The incident marked a critical moment in Russia’s use of stablecoins for cross-border payments, especially as Western sanctions continue to isolate its financial systems.
USDT had gained traction in Russia as a favored payment tool, particularly among firms seeking alternatives to the SWIFT system for international transactions.
Central Bank Supports Controlled Crypto Trials
Despite her long-standing opposition to crypto usage for domestic payments, Russia’s central bank chief Elvira Nabiullina confirmed that some companies are actively testing cryptocurrency payments for international trade as part of an experimental program.
While the Bank of Russia maintains a cautious stance, the country has allowed pilot programs for international crypto settlements, viewing them as a necessary workaround to sanctions-imposed hurdles.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
