After several Russian banks were barred from the SWIFT messaging system, Russian firms have started adopting the stablecoin USDT from Tether Holdings Ltd. in cross-border transactions with Chinese businesses.
Following the revelation in a recent Bloomberg report that Russian commodities companies are using fiat-pegged digital currencies to conduct cross-border transactions with Chinese rivals, the stablecoin market is rapidly expanding.
Stablecoin from Tether Holdings Ltd. is being used by Russian commodities companies that deal in anything from base metals to lumber to pay cross-border transactions with Chinese suppliers and customers. The path of these villages passes via Hong Kong.
The US Treasury Department has imposed numerous rounds of sanctions on Chinese and Russian businesses for a variety of reasons, including a trade dispute between Beijing and Washington and a heated conflict in Eastern Europe. This has led to the attractiveness of stablecoins.
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