Tether has not given a direct reply to the Ukrainian minister. In a statement to CoinDesk, Tether said, “Tether is continuously monitored to ensure that there are no erroneous movements that violate international sanctions.” Ukraine’s government has been urging various countries and companies to stop trading with Russia since Russia’s attack late last month. Companies such as PayPal and Shell have taken steps to exit Russia. However, most crypto-related firms do not want to block access for users in Russia.
The Bloomberg report said that Fedorov’s mention of Tether specifically suggests that big Russian businessmen may use USDT to move funds out of the country. Earlier, Tether has been used to move funds abroad. It is later converted into other cryptocurrencies like bitcoin.
The report quoted data analytics firm Kaiko as saying that the bulk of the volume of crypto trading dominated in ruble is being generated using Tether. Tether is a private firm that issues a stablecoin. Tether claims that in exchange for this stablecoin, reserves are kept in dollars. However, a legal case was also filed against this claim by the Attorney General of New York three years ago. The matter was settled by Tether last year.
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