The official of the Ministry of Russian finance said apparently that the country should develop its own Stablecoin after the recent freezing of portfolios related to the sanctioned Russian Głont Garaantex by the American authorities and Tether Issuer Stablecoin.
Deputy Director of the Russian Department of Financial Policy Osman Kabaloev, said that the Kremlin should examine the possibility of developing Stablecoin, such as Tether (USDT) in order to avoid similar activities in the future, According to until April 16 Reports Reuters and the TASS State Information Agency.
“We do not impose restrictions on the use of Stablecoin as part of an experimental legal system. Recent events have shown that this instrument may be a risk for us,” said Kabaloev Tass.
“This leads us to consider the need to develop internal instruments similar to USDT, potentially set to other currencies.”
March 6 Department of Justice USA collaborated The authorities related to Garaantex freeze with the authorities in Germany and Finland, which, as he claimed that the authorities processed the criminal influence of over $ 96 billion from launch in 2019.
Tether Operator Stablecoin also froze on March 6 with a value of $ 27 million, forcing Garaantex to stop all operations, including payments.
The US Treasury Foreign Control Office reached Garaantex for the first time with sanctions in April 2022 due to alleged breaking violations.
Garaantex allegedly returned under a novel name after the apparently washing millions in Stablecoin and transferring them to the newly created stock exchange, said the Swiss Analytical Company Blockchain.
Russia is already making cryptographic movements
Meanwhile, Evgeny Masharov, a member of the Russian Citizens’ Chamber, proposed on March 20 to create a Russian government cryptocurrency fund, which would include assets confiscated from criminal proceedings.
Related: Supplay Stablecoin worth USD 1 can lead to the next cryptographic rally – Coinfund’s Pakman
At the same time, other officials followed the novel regulations regarding the recognition of cryptocurrencies for ownership for the purposes of the provisions regarding criminal proceedings.
Stablecoin’s entire market capitalization has been developing since mid -2012, introducing $ 200 billion at the beginning of 2025. A joint report on the Onchain Artemis and Dune analysis platforms showed that Stablelecoin’s energetic wallets increased by more than 50% in one year.
Stablecoin also recorded a massive party in 2024, shown by increased exploit of bots, with total volume of Stablecoin, reaching USD 27.6 trillion, exceeding the total volume of visa and mastercard by 7.7%.
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