- Russian metal producers use Tether’s USDT to conduct transactions with Chinese partners.
- Stablecoin transactions are efficient, taking 5-15 seconds and costing a few cents.
- Russian lawmakers want to ban crypto transactions to maintain ruble dominance.
Russia’s two biggest unsanctioned metal producers have begun conducting cross-border transactions with Chinese suppliers and clients using Tether USDT stablecoin in a calculated attempt to evade possible secondary sanctions from the US Treasury.
Executives of these Russian metal companies have confirmed the use of USDT, with some transactions routed through Hong Kong. This shift became necessary since alternatives proved to be slower or riskier—and frequently resulted in frozen bank accounts—this change is necessary. Tether has not issued any public remarkson this development.
The choice of large Russian companies to adopt blockchain technology highlights the long-lasting effects of the international sanctions put in place after Russia invaded Ukraine in February 2022.
Digital currency expert Ivan Kozlov emphasized the effectiveness of stablecoin transactions, which cost very little and take only 5 to …
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