Russia Eyes Its Own Stablecoin After USDT’s Sudden Exit! 💸

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Ah, what do we have here? A high-ranking official from Russia’s Finance Ministry, no less, has suggested that the grand land of vodka and caviar should concoct its very own stablecoins—oh yes, pegged to various currencies! Why, you ask? Well, it seems the mighty USDT stablecoin had the audacity to block Russian wallets recently! How rude! 😱

Now, everyone knows that dollar-pegged stablecoins are all the rage, especially when it comes to moving funds between crypto and cash, and oh, how convenient it is for international transactions, especially when pesky Western sanctions are throwing tantrums and complicating payments for Russian firms. But fear not! Osman Kabaloev, the deputy head of the Ministry’s financial policy department (such a prestigious title, I’m sure he has a monocle), is here to tell us that Russia must create its very own tools—tools similar to USDT, of course. Nothing but the best! 🎩

Now let’s talk about Tether for a moment. Garantex, a Russian crypto exchange, had to deal with the rather unsettling news that Tether blocked wallets containing over $30.12 million! 💰 After that, the exchange suspended operations like a ship sailing into a storm. EU sanctions, you know… they’re always causing a fuss. 😒

Despite all this drama, one person is notably *less* than thrilled by the idea of using cryptocurrencies for domestic payments—Elvira Nabiullina, head of the Central Bank. She’s like the party pooper of the crypto world. But even she can’t ignore the fact that Russian companies are busy experimenting with international cryptocurrency transactions. Ah, progress, always pushing forward, isn’t it? 📈

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2025-04-17 08:57