Source: Cointelegraph Original: "{title}"
According to reports, an official from the Russian Ministry of Finance stated that in light of recent actions by U.S. authorities and stablecoin issuer Tether freezing wallets associated with the sanctioned Russian exchange Garantex, Russia should consider developing its own stablecoin.
Osman Kabaloev, Deputy Director of the Financial Policy Department of the Russian Ministry of Finance, indicated that the Kremlin should consider developing a stablecoin similar to Tether (USDT) to avoid similar sanctions in the future. According to reports from Reuters and the state news agency TASS on April 16, Kabaloev said, "We have not imposed restrictions on the use of stablecoins under an experimental legal framework. Recent developments indicate that this tool may pose risks to us."
Kabaloev told TASS, "This prompts us to consider developing a domestic tool similar to USDT, which may be pegged to other currencies."
On March 6, the U.S. Department of Justice, in collaboration with German and Finnish authorities, froze domains associated with Garantex, claiming that the platform had processed over $96 billion in criminal proceeds since its launch in 2019.
Stablecoin operator Tether also froze $27 million worth of stablecoins on March 6, forcing Garantex to halt all operations, including withdrawals.
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) had already imposed sanctions on Garantex in April 2022 for alleged money laundering violations.
According to a Swiss blockchain analytics company, Garantex has resurfaced under a new name after allegedly laundering millions of rubles in support of stablecoins and transferring them to newly established exchanges.
Russia has begun to accelerate actions related to cryptocurrency.
Meanwhile, Evgeny Masharov, a member of the Russian Civic Chamber, proposed on March 20 to create a Russian government crypto fund, which would include assets confiscated from criminal cases.
At the same time, other officials are advancing new legislation regarding the use of cryptocurrency as property in criminal proceedings.
Since mid-2023, the total market capitalization of the stablecoin market has continued to grow, exceeding $200 billion by early 2025. Meanwhile, a joint report from on-chain analytics platforms Artemis and Dune shows that active stablecoin wallets have increased by over 50% in a year.
In 2024, the adoption of stablecoins also saw a significant increase, primarily due to the rise in bot usage, with total stablecoin transaction volume reaching $27.6 trillion, surpassing the combined transaction volume of Visa and Mastercard by 7.7%.
Related: Santiment: Bitcoin price drops to $85,000, online sentiment turns bullish.
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