Deputy Finance Minister Ivan Chebeskov said some Russian legal entities already had dollar-pegged tokens frozen, backing rules that would favor ruble and friendly-currency stablecoins.
Russia’s Finance Ministry does not want dollar-denominated stablecoins circulating domestically after freezes affected wallets holding USDT and USDC. Deputy Finance Minister Ivan Chebeskov said some Russian legal entities had already seen their dollar stablecoins frozen, underscoring the government’s concern that issuers can block access to those tokens. He said the ministry supports a dedicated stablecoin framework that would prioritize tokens pegged to the ruble and to friendly currencies. The stance highlights a core trade-off in stablecoins: while they are designed to track fiat currencies, many are issued by centralized companies that retain the ability to freeze wallets, a feature that can become politically and operationally significant in cross-border use.