Russia Considers National Stablecoin Following US Action on Garantex-Related Wallets
A high-ranking finance official from Russia has urged for the creation of a national stablecoin in response to the US government’s freezing of wallets associated with the sanctioned crypto asset trading protocol Garantex.
This action, which also impacted the stablecoin provider Tether, has reignited worries in Moscow regarding the risks of depending on foreign-supported digital currencies.
The buyer interest for a Russian stablecoin arises alongside a significant uptick in global stablecoin usage. A collaborative study by Artemis and Dune revealed that active stablecoin wallets increased by over 50% year-on-year, with the overall market capitalization exceeding $200 billion by early 2025.
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Russia Advocates for Domestic Stablecoin Amid Rising USDT Issues
Osman Kabaloev, acting director of the Financial Policy Department within Russia’s Finance Ministry, indicated that recent developments underscore the necessity for domestic alternatives to widely used stablecoins such as USDT.
“We do not restrict the use of stablecoins within the pilot legal framework,” Kabaloev mentioned to the state-owned outlet TASS on 16 April 2025. “However, recent developments indicate that this tool might carry risks for us.”
He further stated that Russia ought to explore the possibility of creating a stablecoin tied to an alternative currency—potentially the ruble—to lessen foreign dependence.
These remarks come following a coordinated operation by the US, Germany, and Finland on 6 March 2025, which dismantled domains linked to Garantex, claiming that the network managed over $96 billion in illegal funds since its inception in 2019.
On the same day, Tether froze $27 million in USDT held in wallets connected to Garantex, essentially ceasing the exchange’s operations. Garantex had initially been sanctioned by the US Treasury’s Office of Foreign Assets Control in April 2022 due to alleged money laundering activities.
In spite of the crackdown, reports suggest that Garantex has resurfaced under a different name, utilizing ruble-pegged stablecoins to transfer funds to a newly established exchange, according to a Swiss distributed record analytics firm.
Russian Finance Ministry Suggests Establishment of a Government-Backed Crypto Stablecoin. pic.twitter.com/2EJ3gaklAh
— Kashif Raza (@simplykashif) April 17, 2025
Concurrently, Evgeny Masharov, a member of the Russian Civic Chamber, suggested the formation of a state-supported crypto fund composed of assets confiscated from criminal enterprises. Other legislators are also progressing with proposals to define crypto asset as property in legal cases.
In 2024, the volume of stablecoins exceeded $27.6 trillion—outpacing the combined transaction volumes of Visa and Mastercard by 7.7%.
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VanEck: China and Russia Utilizing BTC in Energy Trade Amid De-Dollarization Trends
Investment firm VanEck disclosed that China and Russia are allegedly using Bitcoin to facilitate particular energy transactions. This action marks a notable shift away from the US dollar in global commerce.
The firm’s analysis, titled “Digital Assets: Moves Towards De-dollarization Position Bitcoin for Monetary Function,” connects this movement to rising trade conflicts, particularly those stemming from the tariff policies enacted during the Trump administration.
Russia and China are completing oil trades in Bitcoin. I’ve received firsthand accounts of similar dealings with Venezuela. Full tankers are transacted in Bitcoin on the “grey” trading market. The U.S. Government crossed a threshold in 2022 by seizing Russian assets at the Federal Reserve and… pic.twitter.com/Y8OwJROw9W
— Jonathan Hamel (@jhamel) April 9, 2025
The analysis, authored by Matthew Sigel, Head of Digital Assets Research at VanEck, posits that BTC is becoming a neutral and decentralized option for global settlements.
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Key Takeaways
- Russia is contemplating the introduction of a national stablecoin to decrease dependence on foreign-supported assets such as USDT.
- This initiative follows U.S. sanctions and Tether’s freezing of Garantex-connected wallets, which impeded Russian cryptocurrency operations.
- Global shifts indicate increasing adoption of stablecoins and Bitcoin, with China and Russia allegedly utilizing Bitcoin for settling energy trades.
The post Russia Considers National Stablecoin After US Freezes Garantex-Linked Wallets first appeared on 99Bitcoins.
