Russian Finance Ministry Proposes National Stablecoin Pegged to Non-Dollar Currencies After Tether USDT Freeze

The Russian Finance Ministry has proposed the development of a national cryptocurrency stablecoin, according to multiple sources including Reuters. This initiative follows last month's freeze of Russia-linked digital wallets holding the Tether USDT stablecoin.

Osman Kabaloev, Deputy Head of the Finance Ministry's Financial Policy Department, suggested that the stablecoin could be pegged to other currencies, specifically non-dollar currencies.

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