First Deputy Chairman of the State Duma IT Committee Anton Gorelkin doubted the necessity of allowing the stablecoin $USDT onto the Russian crypto market. He reminded that the token issuer, Tether, blocks funds in accordance with US sanctions, including those belonging to Russian citizens.
On August 11, the Bank of Russia published for discussion a draft directive on including Bitcoin, Ethereum, and $USDT in the list of cryptocurrencies available for public circulation on Russian exchanges. Gorelkin stated that he has "no questions" regarding Bitcoin and Ether, but has questions about $USDT.
"Yes, investors are very fond of this cryptocurrency, but it's important to understand that it's not called a 'digital dollar' for nothing. To ensure the stability of its token, the owners of $USDT have become one of the largest holders of US Treasury bonds, taking on obligations of close cooperation with American authorities — including in terms of sanction pressure," the deputy wrote.
He reminded of how Tether in 2025 froze wallets of the pro-Russian Garantex exchange containing $USDT worth 2.5 billion rubles. Tether acted not as a private cryptocurrency service, but as a "full-fledged organ of the US financial-political system," believes the deputy.
"Where is the guarantee that this story won't repeat itself when $USDT enters circulation on legal Russian crypto exchanges? And if we think more broadly, does our crypto industry even need such a rigid peg to the US dollar?" Gorelkin wrote, adding that he is addressing these questions to the Central Bank as part of the public discussion.
According to Tether's April information, it has blocked over $4.4 billion in total, of which $2.1 billion were blocked at the request of US authorities. In mid-July, Americans imposed sanctions on wallets of Iran's central bank and, with Tether's help, froze over $130 million in $USDT.
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