Russia Proposes Stablecoin Alternative Amidst USDT Freeze

Following the freezing of Russian-linked USDT holdings by Tether, a proposal to develop an internal stablecoin pegged to alternative currencies is gaining traction. Osman Kabaloev, Deputy Director of Russia’s Finance Ministry’s Financial Policy Department, suggests this move following the recent blocking of cryptocurrency wallets on Garantex, a Russian exchange impacted by EU sanctions. This development follows a previous freeze initiated by Tether that blocked over $30 million in Russian-linked USDT holdings.