Russia is exploring the creation of a national stablecoin following U.S. sanctions on Garantex. Osman Kabaloev from Russia's Finance Ministry suggested developing a stablecoin similar to Tether (USDT) on April 16, 2025. This initiative aims to reduce risks from external financial actions, according to Reuters and TASS reports.
The decision follows the U.S. Department of Justice's collaboration with Germany and Finland on March 6, 2025, to freeze Garantex-linked domains. Garantex allegedly processed over $96 billion in criminal proceeds since 2019. Tether also froze $27 million worth of its stablecoin, impacting Garantex operations. Evgeny Masharov proposed creating a Russian government crypto fund using confiscated assets.
The stablecoin market has grown, surpassing $200 billion in early 2025. In 2024, total stablecoin volumes reached $27.6 trillion, exceeding Visa and Mastercard's combined volumes by 7.7%.