The Russian Finance Ministry is advocating for a national crypto stablecoin due to recent access restrictions to Tether’s USDT, amid increasing geopolitical tensions and a weakening US dollar. The move aligns with the BRICS coalition’s push for de-dollarisation and reflects Russia’s aim to create alternative digital currencies.
The Russian Finance Ministry has proposed the creation of a national crypto stablecoin, following access issues to Tether’s USDT. This comes amidst rising geopolitical tensions, particularly due to the United States’ recent tariff plans, which have contributed to a weakening US dollar. As a result, various nations, including Russia, are exploring alternatives to reduce dependence on the greenback.
The BRICS coalition, which includes Russia, has been actively working towards de-dollarisation to minimise reliance on the US dollar. This shift has been intensified by the economic policies and tariffs from the Trump administration, prompting nations to investigate diverse digital currency options.
Osman Kabaloev, the Deputy Head of the Finance Ministry, noted the need for tools similar to USDT, potentially pegged to other currencies. Additionally, Tether’s actions in blocking Moscow wallets from holding substantial amounts have underlined Russia’s urgency in developing its own digital currency systems.
In a broader context, the Russian Central Bank, led by Elvira Nabiullina, is currently experimenting with international cryptocurrency payments. This initiative reflects Russia’s ongoing commitment to expanding its digital currency landscape amidst changing global financial dynamics.
