{"id":22511,"date":"2025-04-17T09:31:58","date_gmt":"2025-04-17T09:31:58","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=22511"},"modified":"2025-04-17T09:31:58","modified_gmt":"2025-04-17T09:31:58","slug":"russia-eyes-national-stablecoin-after-us-freezes-garantex-linked-wallets","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=22511","title":{"rendered":"Russia Eyes National Stablecoin After US Freezes Garantex-Linked Wallets"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">A senior Russian finance official has called for <\/span><span data-preserver-spaces=\"true\">the development of<\/span><span data-preserver-spaces=\"true\"> a national stablecoin following the US government\u2019s freeze of wallets linked to the sanctioned crypto exchange Garantex. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The move, which also involved stablecoin issuer Tether, has sparked renewed concerns in Moscow over the vulnerability of relying on foreign-backed digital assets.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The push for a Russian stablecoin comes amid a surge in global stablecoin usage. According to a joint study by Artemis and Dune, active stablecoin wallets rose by over 50% year-over-year, with total market capitalization surpassing $200 billion in early 2025.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Russia Calls for Homegrown Stablecoin Amid Rising USDT Concerns<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Osman Kabaloev, deputy director of the Financial Policy Department at Russia\u2019s Finance Ministry, said recent events highlight the need for internal alternatives to popular stablecoins like USDT.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe do not impose restrictions on the use of stablecoins within the experimental legal regime,\u201d Kabaloev <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/tass.com\/economy\/1944669\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">told state-run outlet TASS<\/span><\/a><span data-preserver-spaces=\"true\"> on 16 April 2025. \u201cBut recent developments have shown that this instrument can pose risks for us.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He added that Russia should consider developing a stablecoin pegged to a different currency\u2014possibly the ruble. This would reduce exposure to foreign pressure.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The comments come <\/span><span data-preserver-spaces=\"true\">in the wake of<\/span><span data-preserver-spaces=\"true\"> a joint US, German, and Finnish operation on 6 March 2025 that shut down domains connected to Garantex, alleging the platform processed more than $96 billion in illicit funds since its 2019 launch.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">That same day, Tether froze $27 million worth of USDT held in Garantex-linked wallets, <\/span><span data-preserver-spaces=\"true\">effectively<\/span><span data-preserver-spaces=\"true\"> halting the exchange\u2019s operations. Garantex was first sanctioned by the US Treasury\u2019s Office of Foreign Assets Control in April 2022 for alleged money laundering.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Despite the crackdown, Garantex has reportedly reemerged under a different name, using ruble-backed stablecoins to move funds to a newly formed exchange, according to a Swiss blockchain analytics firm.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/72x72\/1f1f7-1f1fa.png\" alt=\"\ud83c\uddf7\ud83c\uddfa\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\">Russian Finance Ministry Recommends Creation of a Government-Issued Crypto Stablecoin. <a href=\"https:\/\/t.co\/2EJ3gaklAh\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/2EJ3gaklAh<\/a><\/p>\n<p>\u2014 Kashif Raza (@simplykashif) <a href=\"https:\/\/twitter.com\/simplykashif\/status\/1912751146915049509?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">April 17, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">In parallel, Russian Civic Chamber member Evgeny Masharov proposed the creation of a state-backed crypto fund comprising assets seized from criminal activity. Other lawmakers are also advancing legislation <\/span><span data-preserver-spaces=\"true\">that would classify<\/span><span data-preserver-spaces=\"true\"> crypto as property in criminal proceedings.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In 2024, stablecoin volumes topped $27.6 trillion\u2014exceeding the combined transaction volumes of Visa and Mastercard by 7.7%.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-ai-crypto-coins\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10 Best AI Crypto Coins to Invest in 202<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">VanEck: China and Russia Use Bitcoin in Energy Trades Amid De-Dollarization Shift<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\"> Investment firm VanEck revealed that China and Russia are reportedly using Bitcoin to settle certain energy transactions. This<\/span><span data-preserver-spaces=\"true\"> move <\/span><span data-preserver-spaces=\"true\">signals an increasing shift away from the US dollar in global trade. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The firm\u2019s report, titled \u201cDigital Assets: De-dollarization Moves Bitcoin Towards Monetary Role,\u201d links this trend to escalating trade tensions, particularly those driven by the Trump administration\u2019s new tariff policies.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Russia and China are settling oil trades in BTC. I&#8217;ve heard first hand accounts of similar transactions with Venezuela. Full tankers are settled in BTC on the &#8220;grey&#8221; market. The U.S. Government crossed the Rubicon in 2022 by seizing Russian assets at the Federal Reserve and\u2026 <a href=\"https:\/\/t.co\/Y8OwJROw9W\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/Y8OwJROw9W<\/a><\/p>\n<p>\u2014 Jonathan Hamel (@jhamel) <a href=\"https:\/\/twitter.com\/jhamel\/status\/1910063698158440699?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">April 9, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">The report, authored by VanEck\u2019s Head of Digital Assets Research Matthew Sigel, argues that Bitcoin is emerging as a neutral and decentralized alternative for global settlements.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-meme-coin-icos\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best Meme Coin ICOs to Invest in April 2025<\/span><\/a><\/strong><\/p>\n<p><strong><a class=\"editor-rtfLink\" href=\"https:\/\/discord.gg\/B7Uk6agkqj\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/span><\/a><\/strong><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">Russia is considering launching a national stablecoin to reduce reliance on foreign-backed assets like USDT.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">The move follows U.S. sanctions and Tether\u2019s freeze of Garantex-linked wallets, which disrupted Russian crypto activity.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">Global trends show rising adoption of stablecoins and Bitcoin, with China and Russia reportedly using BTC for energy trade settlements.<\/span>    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/russia-eyes-national-stablecoin-after-us-freezes-garantex-linked-wallets\/\">Russia Eyes National Stablecoin After US Freezes Garantex-Linked Wallets<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A senior Russian finance official has called for the development of a national stablecoin following the US government\u2019s freeze of wallets linked to the sanctioned crypto exchange Garantex. The move, which also involved stablecoin issuer Tether, has sparked renewed concerns in Moscow over the vulnerability of relying on foreign-backed digital assets. The push for a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-22511","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/22511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22511"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/22511\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}