Russian Finance Ministry Proposes Ruble-Backed Stablecoin Following Tether Restrictions

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2025-04-16 19:21:12

Russia’s finance ministry suggests creation of ruble stablecoin post-Tether ban

In response to recent regulatory actions against Tether and other foreign stablecoins, Russia’s Ministry of Finance has put forward a proposal to develop a national digital currency pegged to the ruble. This move aims to provide a state-controlled alternative for domestic crypto transactions while maintaining financial sovereignty. The initiative comes as part of broader efforts to regulate the cryptocurrency market following the Central Bank’s restrictions on international stablecoin operations. Experts suggest this could lead to the creation of a new digital payments infrastructure under government supervision, potentially changing Russia’s crypto landscape significantly.

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