Russia reportedly plans to launch its own stablecoins, potentially pegged to multiple currencies

Reports suggest that Tether, the issuer of USDT, blocked digital wallets linked to a Russian crypto exchange that had been sanctioned by the European Union.

Russia is reportedly planning to launch its own stablecoins, potentially pegged to multiple currencies, following recent developments surrounding the U.S. dollar-backed Tether stablecoin.

Teher, the issuer of USDT, blocked digital wallets linked to a Russian crypto exchange that had been sanctioned by the European Union. The move prompted discussion among Russian officials about creating internal tools to avoid reliance on foreign services.

Osman Kabaloev, deputy head of the financial policy department at Russia’s Finance Ministry, suggested that the country explore options for stablecoins similar to Tether, but pegged to other currencies.

“If Tether can block wallets and European sanctions can easily pass to third parties, then perhaps we should be thinking about internal tools that will not be dependent on third parties and will be blocked by no one,” Kabaloev said on Wednesday.

His comments come as several new projects are targeting the U.S. market and Russia is increasingly seeking digital alternatives amid mounting financial restrictions.

With trade tensions simmering between the U.S. and China and pressure mounting on the greenback, the moment could be ripe for Russia to enter the stablecoin space as many countries are discussing de-dollarization options amid high tariffs.

A ruble-backed token could help reduce the region’s dependence on USDT and USDC, both of which are pegged to the U.S. dollar and would bolster Russia’s ongoing effort to move away from dollar-based trade.

However, Elvira Nabiullina, head of Russia’s central bank, remains opposed to using crypto for domestic payments and confirmed that several Russian companies are participating in a government-backed trial exploring international crypto transfers.

Earlier in April, the U.S. Department of the Treasury, through its Office of Foreign Assets Control (OFAC), sanctioned Garantex for facilitating transactions linked to the designated terrorist group, Houthi. The sanctions covered eight addresses on the exchange.

The developments come as stablecoins gain traction across the payments ecosystem, attracting growing regulatory attention. This includes the European Union’s Markets in Crypto Assets (MiCA) regulations and new stablecoin bills in the United States.

Amid increasing sanctions, Russian companies are reportedly exploring cryptocurrencies for payments, with Moscow actively supporting their use in international transactions, marking a key move in the country’s crypto-friendly initiatives.

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.