The Russian Ministry of Finance evaluates the establishment of the Interior Stablecoins linked to foreign currencies after the access to the USDT of Tether was limited for portfolios related to the sanctioned Russian exchange Garantex, as Reuters reported.
Osman Kabaloev, deputy head of the ministry’s financial policy department, stated that Russian authorities are now considering ‘internal instruments that are comparable to USDT’, suggesting that their Stablecoin is being called up.
His comments came after digital portfolios on the Russian Crypto exchange were blocked Garantex, so that access to more than 2.5 billion rubles were demolished ($ 30.12 million).
Russia’s access to Tether was limited after the company froze the assets that was linked to the platform shortly after the EU Garantex has sanctioned. Garrantex unveiled the action on March 6 and said that the freezing forced it to suspend the operations because it could no longer facilitate the repayments of users.
Stablecoins have become essential tools for crypto investors who want to bridge between digital assets and traditional currencies.
According to a recently report from Bitwise, the transaction volume of Stablecoin reached almost $ 14 trillion and last year exceeded visa For the first time in the annual time frame.
Before the recent restrictions, Russian companies had adopted USDT on a large scale for international transactions due to increasing barriers to access to the global financial system.
Regulatory shift to domestic alternatives
Russian supervisors have maintained a strict position on the use of crypto within the domestic economy, in particular for retail payments.
However, a limited regulatory framework has enabled companies to experiment with crypto-based settlement systems for international trade to reduce the effects of Western sanctions. The current consideration of the Ministry of Finance of Stablecoins marks a continuous exploration of such alternatives.
Kabaloev’s comments indicate a shift in strategy to the development of sovereign or semi-sovereign aids for cross-border value transfer. Although the Ministry of Finance has not announced a specific design or implementation time line, the report claimed that it seems open to Stablecoins linked to the US dollar and other strange currencies.
Meanwhile, Bank of Russia Governor Elvira Nabiullina repeated the resistance of the Central Bank against Interior Crypto circulation, but acknowledged that Russian companies actively test international crypto payment solutions as part of the Regulatory Sandbox.
The new position comes in the midst of broader efforts to increase Russia’s financial autonomy and to minimize dependence on Western financial infrastructure. In this context, creating a rubles-independent stablecoin linked to alternative foreign currencies Russian companies can offer controlled and internally managed method to gain access to global liquidity.
Although the Russian Ministry of Finance has not committed itself to formal issue of Stablecoin, the proposal reflects the growing attention at Russian institutions for the operational risks of foreign controlled crypto instruments in an increasingly fragmented worldwide payments environment.