The US Treasury directly accused Russia of circumventing sanctions restrictions through stablecoins (regular money), crypto assets whose value is tied to fiat currency. As noted in the report, the largest cross-border payment volume occurs on the Solana blockchain with 47 percent, with the Ethereum network coming in second. Additionally, the US Treasury warned that Russia was using the USDT stablecoin “for illegal activities.” According to the report, the institution claims that to circumvent sanctions and “continue financing its war machine, Russia is gradually using other payment methods, such as the Tether stablecoin.” Tether is the developer of the USDT stablecoin.
Therefore, the American agency not only controls payments, but also wants to have influence over any foreign cryptocurrency services.
“Our problem is that organizations are increasingly finding ways to hide their identities and move resources using virtual currency. “We fear that if Congress does not act to provide us with additional authority, the scale of the problem will escalate,” said U.S. Deputy Treasury Secretary Adewale Adeyemo, referring to “institutions” that include Russia and North Korea.
Source: Ferra
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