Stablecoins Estimated To Reach $2 Trillion By 2028: Russia Joins The List Of Countries Considering Its Own Stablecoin
Osman Kabaloev, the deputy head of the Finance Ministry of Russia, is said to have indicated that the nation ought to consider the development of its own stablecoin.
In light of a recent action by US authorities and stablecoin provider Tether which froze wallets associated with the sanctioned Russian trading protocol Garantex, it has emerged that Russia may be looking into establishing its own stablecoins.
BREAKING:
RUSSIAN FINANCE MINISTRY ADVOCATES FOR THE DEVELOPMENT OF A NATIONAL CRYPTO STABLECOIN pic.twitter.com/ZmVZWZxTpH
— Crypto Rover (@rovercrc) April 16, 2025
Russia Considers Entering The Stablecoin Arena Amidst US-Driven Sanctions
Kabaloev stated that the Kremlin should investigate the potential for creating a stablecoin similar to Tether’s USDT to be less dependent on Tether and US authorities, as reported by the state-owned announcement outlet TASS on April 16.
“We do not place limits on the usage of stablecoins within the experimental legal framework. Recent events have indicated that this tool can present risks for us,” Russia’s deputy finance minister shared with TASS.
He further mentioned that, “This compels us to reflect on the necessity of developing domestic instruments similar to USDT, possibly linked to alternative currencies.”
On March 6, 2025, the US Department of Justice, in collaboration with authorities from Germany and Finland, took measures to freeze domains tied to the Russian crypto exchange, Garantex.
Officials alleged that this trading protocol processed upwards of $96 billion in illicit proceeds since its launch in 2019. Additionally, Tether froze $27 million worth of its stablecoin on March 6. This substantial freeze led Garantex to cease all operations, including withdrawals.
Garantex faced sanctions for the first time in April 2022 when the US Treasury’s Office of Foreign Assets Control targeted the trading platform over reported money laundering infractions.
Reportedly, Garantex has reemerged under a different name after allegedly laundering significant amounts in ruble-backed stablecoins and transferring them to a newly created exchange, according to Swiss blockchain analytics company, Global Record.
Moreover, Evgeny Masharov, a member of the Russian Civic Chamber, suggested on March 20 the formation of a Russian government cryptocurrency fund that would incorporate assets seized from criminal cases.
DISCOVER: 20+ Next Crypto to Explode in 2025
Stablecoin Transactions Surpassed VISA Payments In 2024: Currency-Backed Tokens Expected To Reach $2 Trillion By 2028
A significant event occurred in 2024 that has not received much attention.
For the first time, stablecoins eclipsed Visa in transaction volume. pic.twitter.com/TxeO5Gs681
— Bitwise (@BitwiseInvest) April 16, 2025
A market assessment for Q1 2025 published by investment firm Bitwise on April 16 revealed a noteworthy achievement that has largely been overlooked. In 2024,
The total capitalization of the stablecoin market has grown since mid-2023, exceeding $200 billion at the start of 2025. A collaborative report from on-chain analysis services Artemis and Dune noted that the number of active stablecoin wallets rose by about 53% within a year.
At present, the total trading market capitalization is estimated to be $236.4 billion, according to CoinGecko. It is noted that this surge in growth is primarily attributed to the expected passage of the GENIUS Act in the United States.
The Guided and Establishing National Innovation for US Stablecoins legislation aims to establish a regulatory framework for stablecoins, clarifying when issuers are subject to state or federal regulations.
In light of the anticipated approval of the GENIUS Act, wealth management firm Standard Chartered has projected that the total trading market value of stablecoins could reach $2 trillion by 2028.
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Russia is considering the creation of its own stablecoins
- In response to US sanctions and Tether freezing over $27 million in illicit funds from the Russian exchange, Garantex, the country is looking to develop its own stablecoins
- Garantex has reportedly started trading under a new alias, according to Global Record
- Currently, stablecoins are thriving, with a collective market value of $263 billion, and Standard Chartered predicts it will evolve into a $2 trillion industry by 2028
- In 2024, stablecoin transactions allegedly surpassed VISA payments
The post Stablecoins Predicted To Hit $2 Trillion By 2028: Russia The Latest Nation Exploring Its Own Stablecoin appeared first on 99Bitcoins.
