Russia Invests in National Stablecoin After USDT Freeze on Sanctioned Exchange

In response to the freezing of digital assets linked to sanctioned entities by Tether (a major stablecoin issuer), Russia is exploring the creation of a state-backed stablecoin. The move aims to provide alternative currency options and bypass restrictions imposed by global sanctions. A $30 million USDT freeze targeting Garantex, a Moscow-based cryptocurrency exchange recently blacklisted by the EU, has led this exploration. 2.5 billion rubles were blocked on the exchange’s platform after the sanctions implementation.