Russia's Ruble-Pegged Stablecoin Evaded $100 Billion in Sanctions, Report Reveals

A report from blockchain analytics firm Inca Digital indicates that a Russian stablecoin pegged to the national currency facilitated the circumvention of international sanctions on a massive scale. The stablecoin, tied to the ruble, was reportedly used to move approximately $100 billion, allowing entities to bypass restrictions imposed after the invasion of Ukraine. This analysis highlights the growing use of digital assets in cross-border transactions to avoid traditional financial systems. The findings underscore regulatory concerns about the potential of cryptocurrencies and stablecoins to undermine global economic sanctions. Experts suggest this could lead to increased scrutiny and tighter regulations for the crypto sector worldwide.