A senior Russian finance official has called for the development of a national stablecoin following the US government’s freeze of wallets linked to the sanctioned crypto exchange Garantex.
The move, which also involved stablecoin issuer Tether, has sparked renewed concerns in Moscow over the vulnerability of relying on foreign-backed digital assets.
The push for a Russian stablecoin comes amid a surge in global stablecoin usage. According to a joint study by Artemis and Dune, active stablecoin wallets rose by over 50% year-over-year, with total market capitalization surpassing $200 billion in early 2025.
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Russia Calls for Homegrown Stablecoin Amid Rising USDT Concerns
Osman Kabaloev, deputy director of the Financial Policy Department at Russia’s Finance Ministry, said recent events highlight the need for internal alternatives to popular stablecoins like USDT.
“We do not impose restrictions on the use of stablecoins within the experimental legal regime,” Kabaloev told state-run outlet TASS on 16 April 2025. “But recent developments have shown that this instrument can pose risks for us.”
He added that Russia should consider developing a stablecoin pegged to a different currency—possibly the ruble. This would reduce exposure to foreign pressure.
The comments come in the wake of a joint US, German, and Finnish operation on 6 March 2025 that shut down domains connected to Garantex, alleging the platform processed more than $96 billion in illicit funds since its 2019 launch.
That same day, Tether froze $27 million worth of USDT held in Garantex-linked wallets, effectively halting the exchange’s operations. Garantex was first sanctioned by the US Treasury’s Office of Foreign Assets Control in April 2022 for alleged money laundering.
Despite the crackdown, Garantex has reportedly reemerged under a different name, using ruble-backed stablecoins to move funds to a newly formed exchange, according to a Swiss blockchain analytics firm.
Russian Finance Ministry Recommends Creation of a Government-Issued Crypto Stablecoin. pic.twitter.com/2EJ3gaklAh
— Kashif Raza (@simplykashif) April 17, 2025
In parallel, Russian Civic Chamber member Evgeny Masharov proposed the creation of a state-backed crypto fund comprising assets seized from criminal activity. Other lawmakers are also advancing legislation that would classify crypto as property in criminal proceedings.
In 2024, stablecoin volumes topped $27.6 trillion—exceeding the combined transaction volumes of Visa and Mastercard by 7.7%.
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VanEck: China and Russia Use Bitcoin in Energy Trades Amid De-Dollarization Shift
Investment firm VanEck revealed that China and Russia are reportedly using Bitcoin to settle certain energy transactions. This move signals an increasing shift away from the US dollar in global trade.
The firm’s report, titled “Digital Assets: De-dollarization Moves Bitcoin Towards Monetary Role,” links this trend to escalating trade tensions, particularly those driven by the Trump administration’s new tariff policies.
Russia and China are settling oil trades in BTC. I’ve heard first hand accounts of similar transactions with Venezuela. Full tankers are settled in BTC on the “grey” market. The U.S. Government crossed the Rubicon in 2022 by seizing Russian assets at the Federal Reserve and… pic.twitter.com/Y8OwJROw9W
— Jonathan Hamel (@jhamel) April 9, 2025
The report, authored by VanEck’s Head of Digital Assets Research Matthew Sigel, argues that Bitcoin is emerging as a neutral and decentralized alternative for global settlements.
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Key Takeaways
- Russia is considering launching a national stablecoin to reduce reliance on foreign-backed assets like USDT.
- The move follows U.S. sanctions and Tether’s freeze of Garantex-linked wallets, which disrupted Russian crypto activity.
- Global trends show rising adoption of stablecoins and Bitcoin, with China and Russia reportedly using BTC for energy trade settlements.
The post Russia Eyes National Stablecoin After US Freezes Garantex-Linked Wallets appeared first on 99Bitcoins.
