By Nermeen Nabil Khear 
This move could give Russia greater control over its financial system. Western sanctions have made international payments more difficult.
A senior official from Russia’s Finance Ministry, Osman Kabaloev, has suggested that the country may need to create its stablecoins. These would be pegged to other currencies. This would help meet growing demand and reduce reliance on a foreign stablecoin like USDT.
Russia Eyes Stablecoin Shift Amid Global Push for Financial Independence
Before the USDT blockage, the stablecoin was widely used by Russian firms as a payment tool. Particularly for cross-border transactions. Its popularity stemmed from its ability to maintain a stable value. Making it an attractive alternative to the highly volatile Russian ruble. However, following Western sanctions and the blockage of digital wallets linked to USDT. This is why Russia is now exploring alternatives.
Kabaloev emphasized that Russia must now consider developing its stablecoins, potentially pegged to a basket of other currencies. Their idea is to ensure continued access to reliable digital payment tools. This shift reflects a broader trend of nations seeking to increase financial independence. Also, they want to reduce reliance on foreign financial systems.
Russia should develop its own stablecoins pegged to other currencies after Russia-linked digital wallets holding the popular USDT stablecoin were blocked last month, a senior Finance Ministry official said on Wednesdayhttps://t.co/qsPrXKYCbG pic.twitter.com/sGVIvD1cj4
— ICO Drops (@ICODrops) April 17, 2025
Russia’s decision aligns with a global trend where countries are considering or already developing their own CBDC. China has been actively testing the digital yuan, aiming to provide government-backed stablecoins to popular cryptocurrencies. Similarly, the European Union has been exploring the digital euro.
More About Stablecoins
In its Q1-2025 report, Bitwise revealed that stablecoins are gaining serious momentum in the crypto world. The total assets under management (AUM) for stablecoins hit a new all-time high of over $218 billion. This means a 13.5% increase from the previous quarter.
Well known: Q1 in crypto was frustrating.
Less well known: Q1 saw all-time highs for
– Stablecoins ($218B)
– Tokenized real-world assets ($19B)
– BTC futures trading volume ($800B+)
– BTC futures open interest ($16B)
– BTC held by public companies (688K)
– Ethereum and Layer 2… pic.twitter.com/RSnC1pYHXv— Bitwise (@BitwiseInvest) April 16, 2025
On top of that, transaction volume also surged by 30.14%, showing growing demand and adoption. This spike signals that more investors and businesses are relying on stablecoins for everything from trading to cross-border payments. It reinforces their role as a key pillar of the digital asset economy.
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The post Russia Considers Launching Its Own Stablecoin appeared first on Altcoin Buzz.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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