Russia Considers Internal Stablecoin Solutions Following Tether Blockage

Following Tether’s recent blocking of Russian-linked digital wallets belonging to the crypto exchange Garantex, Russia’s finance ministry is considering developing its own fiat-backed stablecoins. Deputy Head of the Finance Ministry’s financial policy department, Osman Kabaloev, suggests exploring alternative options as a response to this event. His comments indicate Russia should develop internal tools akin to USDT, potentially pegged to other currencies, to mitigate the risks posed by external blockades.