Russian Finance Ministry eyes domestic stablecoin to bypass Western infrastructure

Russia’s Finance Ministry is evaluating the creation of domestic stablecoins pegged to foreign currencies after access to Tether’s USDT was restricted for wallets linked 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 tools similar to USDT,” […]