A Russian finance ministry official, Osman Kabaloev, has suggested that the country should develop its own stablecoins in response to recent sanctions that affected wallets linked to the Russian exchange Garantex. He indicated that the Kremlin needs to explore alternatives similar to Tether's USDT to mitigate risks from external sanctions. Kabaloev commented on the importance of internal stablecoin instruments that could be pegged to various currencies and highlighted that recent events have shown the risks posed by foreign stablecoin operations. Meanwhile, there have been proposals in Russia to recognize cryptocurrency as property within criminal legislation, and other officials are discussing legislation that includes assets seized from criminal activities. The stablecoin market, which has surpassed $200 billion, has seen significant growth recently, with adoption continuing to rise. The developments reflect Russia's shifting stance on cryptocurrency amid evolving regulatory frameworks.

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