Russia Seeks Cooperation with Friendly Countries to Create Cross-Border Clearing Platform for Stablecoin

Russia is working with several friendly countries on the creation of clearing platforms for cross-border settlements in stablecoins, Deputy Finance Minister Alexey Moiseyev said on Tuesday. "We are currently working with a number of countries to create bilateral platforms in order not to use dollars and euros. We offer mutually acceptable tokenized instruments that will be used on these platforms, which are essentially clearing platforms that we are currently developing with these countries. Stablecoins can be pegged to some generally recognized instrument, for example, gold, the value of which is clear and observable for all participants," Moiseyev said. Previously, Alexei Moiseev reportedly said that the Bank of Russia and the finance ministry expect to legitimize cross-border payments in crypto soon.