[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"news-aggregator-russia-to-consider-ruble-pegge701963fbd-5c39-7f58-9734-d4a425ad8ced":3},{"id":4,"timestamp":5,"title":6,"content":7,"link":8,"preview":9,"tags":10,"predictedTags":11,"showTags":12,"source":13,"reactions":14,"selfReactions":15,"logo":16,"sourceId":17,"sourceUserId":18,"asset":19,"tagsCategories":20,"totalComments":21,"lang":22,"unique_views_count":23,"enrichStatus":19,"triageKind":18,"triageImportance":18,"expandEligible":18,"summarizeEligible":18,"eventEligible":18,"eventType":18,"eventAction":18},"russia-to-consider-ruble-pegge701963fbd-5c39-7f58-9734-d4a425ad8ced","1744824510000","Russia to Consider Ruble-Pegged Stablecoin to Challenge US Dollar Dominance","\u003Cp>A senior official from Russia’s Finance Ministry has called for the development of stablecoins linked to foreign currencies after wallets connected to Russian users and holding USDT were frozen last month.\u003C/p>\u003Cp>The move comes as US-backed stablecoins dominate global liquidity and Washington moves closer to introducing new regulations for the sector. \u003C/p>Russia Might Enter the Stablecoin Market\u003Cp>The ongoing pro-regulatory shift is drawing in new projects targeting the US market. Russia, facing growing financial restrictions, sees a digital alternative as increasingly necessary.\u003C/p>\u003Cp>For Russia, this would be the perfect time to enter the stablecoin competition. Due to the US’ \u003Ca href=\"https://beincrypto.com/trump-tariffs-jerome-powell-replacement-fed-chair/\" target=\"_blank\">ongoing tariffs and worsening trade relations\u003C/a> with China, the USD faces global pressure. Heavily tariffed countries are \u003Ca href=\"https://beincrypto.com/bitcoin-reserve-currency-vaneck-china-dollar-decline/\" target=\"_blank\">already considering de-dollarization\u003C/a>.\u003C/p>\u003Cp>A ruble-backed token could reduce the region’s reliance on USDT and USDC, which both track the US dollar. Such a shift would support Russia’s long-term effort to move away from dollar-based trade.\u003C/p>\u003Cp>Elvira Nabiullina, head of Russia’s central bank, remains against using crypto for domestic payments. However, she \u003Ca href=\"https://www.reuters.com/technology/russia-should-have-own-stablecoins-finance-ministry-official-says-2025-04-16/\">confirmed\u003C/a> that several Russian firms are testing international crypto transfers as part of a government-led trial.\u003C/p>\u003Cp>Russia has explored stablecoin initiatives before. In 2023, its central bank reportedly \u003Ca href=\"https://www.hollandgold.nl/en/news/rusland-en-iran-overwegen-goud-gedekte-stablecoin/\" target=\"_blank\">discussed\u003C/a> a gold-backed digital currency with Iran, intended for cross-border use and positioned as an alternative to the dollar. \u003C/p>\u003Cp>As BeInCrypto previously reported, \u003Ca href=\"https://beincrypto.com/russia-bitcoin-trade-sanctions/\" target=\"_blank\">Russian businesses are already using Bitcoin\u003C/a> and other cryptocurrencies for international transactions.\u003C/p>\u003Cp>The urgency of Russia’s stablecoin push increased after \u003Ca href=\"https://beincrypto.com/russian-exchange-garantex-is-operating-under-new-name/\" target=\"_blank\">Tether blocked wallets on the Garantex exchange\u003C/a>, freezing assets worth more than 2.5 billion rubles ($30 million). The incident occurred shortly after Garantex was hit with European Union sanctions.\u003C/p>\u003Cp>At the same time, Kyrgyzstan is making moves of its own. The country has announced plans to build a crypto hub, \u003Ca href=\"https://beincrypto.com/cz-kyrgyzstan-crypto-hub-stablecoin/\" target=\"_blank\">supported by Binance founder Changpeng Zhao\u003C/a>. \u003C/p>\u003Cp>A central part of the initiative is A7A5, a stablecoin tied to the ruble that aims to serve emerging markets.\u003C/p>\u003Cp>The post \u003Ca href=\"https://beincrypto.com/russia-ruble-stablecoin-us-dollar-dominance/\">Russia to Consider Ruble-Pegged Stablecoin to Challenge US Dollar Dominance\u003C/a> appeared first on \u003Ca href=\"https://beincrypto.com\">BeInCrypto\u003C/a>.\u003C/p>","https://beincrypto.com/russia-ruble-stablecoin-us-dollar-dominance/","https://beincrypto.com/wp-content/uploads/2024/12/bic_usd_ru_russia_putin.png-1.jpg.optimal.jpg","[\"Markets\",\"Russia News\",\"Stablecoin News\"]","[\"Binance\"]","[{\"name\":\"Binance\",\"logo\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/blockchains/binance.png\"}]","7",[],[],"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/news-feeds/sources/beincrypto.png","BeInCrypto",null,"","[\"Crypto\"]","0","EN","2"]