Russia Mulls National Stablecoin as Reliance on Foreign Tech Grows

Russian officials are exploring the possibility of creating their own stablecoin, reminiscent of USDT. This follows the freezing of over $30 million in Tether by Tether’s parent company, Garantex, which halted its operations and highlighted Russia’s dependence on foreign-controlled stablecoins. As a means to bolster financial independence, Russia’s government is actively considering this new initiative.