{"id":22480,"date":"2025-04-17T06:16:48","date_gmt":"2025-04-17T06:16:48","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=22480"},"modified":"2025-04-17T06:16:48","modified_gmt":"2025-04-17T06:16:48","slug":"russia-finance-ministry-official-floats-country-making-own-stablecoins-report","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=22480","title":{"rendered":"Russia finance ministry official floats country making own stablecoins: Report"},"content":{"rendered":"
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\"Russia<\/p>\n

A Russian finance ministry official has reportedly said the country should be developing its own stablecoin after a recent freeze on wallets linked to the sanctioned Russian exchange Garantex by US authorities and stablecoin issuer Tether.\u00a0<\/p>\n

Deputy director of Russia\u2019s Finance Ministry\u2019s financial policy department, Osman Kabaloev, said the Kremlin should be exploring the possibility of developing a stablecoin<\/a> like Tether\u2019s (USDT<\/a>) to avoid similar actions in the future, according<\/a> to April 16 reports<\/a> by Reuters and the state-owned news agency TASS.<\/p>\n

\u201cWe do not impose restrictions on the use of stablecoins within the experimental legal regime. Recent developments have shown that this instrument can pose risks for us,\u201d Kabaloev told TASS.<\/p>\n

\u201cThis leads us to consider the need to develop internal instruments akin to USDT, potentially pegged to other currencies.\u201d<\/p><\/blockquote>\n

On March 6, the US Department of Justice collaborated<\/a> with authorities in Germany and Finland to freeze domains associated with Garantex, which authorities claimed processed over $96 billion worth of criminal proceeds since launching in 2019.<\/p>\n

Stablecoin operator Tether also froze $27 million<\/a> worth of its stablecoin on March 6, forcing Garantex to halt all operations, including withdrawals.<\/p>\n

The US Treasury\u2019s Office of Foreign Assets Control first hit Garantex with sanctions in April 2022<\/a> over alleged money laundering violations.<\/p>\n

\"Cryptocurrencies,
Russian crypto exchange Garantex had to halt withdrawals after Tether Froze $27 million of its USDT. Source: <\/em>US Department of Justice<\/em><\/a>
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Garantex has allegedly resurfaced under a new name<\/a> after reportedly laundering millions in ruble-backed stablecoins and transferring them to a newly established exchange<\/a>, a Swiss blockchain analytics firm has claimed.<\/p>\n

Russia already making crypto moves\u00a0<\/h2>\n

Meanwhile, Evgeny Masharov, a member of the Russian Civic Chamber, proposed on March 20 to create a Russian government crypto fund<\/a> that would include assets confiscated from criminal proceedings.<\/p>\n

Related: <\/strong><\/em>$1T stablecoin supply could drive next crypto rally \u2014 CoinFund\u2019s Pakman<\/strong><\/em><\/a><\/p>\n

At the same time, other officials were progressing with new legislation on recognizing crypto as property for the purposes of criminal procedure legislation.<\/p>\n

The whole stablecoin market capitalization has grown since mid-2023<\/a>, surpassing $200 billion in early 2025. A joint report from onchain analysis platforms Artemis and Dune, meanwhile, showed that active stablecoin wallets<\/a> increased by over 50% in one year.\u00a0<\/p>\n

Stablecoins also saw massive adoption in 2024, driven by the increased use of bots, with total stablecoin volumes reaching $27.6 trillion, surpassing the combined<\/a> volumes of Visa and Mastercard by 7.7%.\u00a0<\/p>\n

Magazine: <\/strong><\/em>DeFi will rise again after memecoins die down: Sasha Ivanov, X Hall of Flame<\/strong><\/em><\/a><\/p>\n