Russian Ministry of Finance proposes creating a stablecoin as the country's digital currency to reduce reliance on USD amid geopolitical tensions.
In a significant development for the digital currency market, the Russian Ministry of Finance on Thursday called for the creation of a stablecoin as the country’s domestic digital currency. This move comes after Russian digital wallets were banned from holding Tether (USDT) last month. Osman Kabaloev, the Deputy Minister of Finance of Russia, stated, ‘Recent blockades have prompted us to consider creating similar domestic tools to USDT.’ This decision is in line with BRICS’ efforts to reduce dependence on the US dollar and coincides with escalating geopolitical tensions stemming from the US Freedom Act tariff plan.
