Following the freeze of USDT associated with Russia, a senior finance official has indicated the need to devise internal alternatives to stablecoins.
Call for Own Stablecoin Development
On April 16, 2025, Osman Kabaloev, the deputy head of Financial Policy at the Department of Finance, stated that the nation should focus on creating alternatives to known stablecoins like USDT. He remarked that the recent blockage makes it evident that internal tools similar to USDT may need to be considered, potentially pegged to other currencies.
Issues with Garantex and Frozen Assets
Kabaloev's statement followed Tether's actions, which included freezing USDT worth 2.5 million rubles on the Garantex exchange. This is the same exchange that faced allegations of facilitating global crimes. A joint operation by the U.S. Department of Justice, along with authorities from Finland and Germany, sequestered assets linked to Garantex in Finland and Germany, totaling $26 million in illegal funds.
Crypto Crimes in Russia and User Growth
Since early 2024, Russia has remained optimistic about cryptocurrencies, establishing several effective guidelines for digital asset mining. It is projected that the revenue of Russia's crypto market will reach $1.6 billion by the end of 2025, with an expected rise in the number of crypto users to 24.59 million. However, the country is also seeing an increase in cybercrimes, including ransomware attacks, money laundering, and election interference.
The situation surrounding the USDT freeze and the rise in crypto crimes underlines Russia's need for its own stablecoins and stricter regulations within the crypto industry.
