A senior official from Russia’s Finance Ministry has urged the creation of stablecoins tied to foreign currencies following the freezing of USDT wallets connected to Russian users. With US-backed stablecoins dominating global liquidity and the US considering new regulations, Russia sees a digital alternative as crucial amidst growing financial restrictions. This presents an opportune moment for Russia to enter the stablecoin market, especially with the global pressure on the USD due to trade tensions. By introducing a ruble-backed token, Russia aims to reduce reliance on USD-linked stablecoins like USDT and USDC, aligning with efforts to diversify trade away from the dollar. While Russia's central bank head remains cautious about domestic crypto payments, the country is exploring international crypto transfers through government-led trials. Recent incidents, such as Tether freezing assets on a Russian exchange, have accelerated Russia's push for stablecoin development, while neighboring Kyrgyzstan plans to launch a ruble-backed stablecoin supported by Binance founder Changpeng Zhao. Read more AI-generated news on: https://app.chaingpt.org/news