Russia Considers Ruble-Backed Stablecoin to Challenge Dollar Dominance

   In response to Tether's restrictions on Russian exchange Garantex, Russia's Finance Ministry is exploring the creation of domestic stablecoins pegged to foreign currencies. Tether froze assets linked to Garantex after EU sanctions, cutting off access to over $30 million. Officials suggest a ruble-backed stablecoin could reduce reliance on US dollar-pegged tokens like USDT. This initiative aims to enhance Russia's financial independence amid growing trade tensions and evolving regulatory frameworks