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Home»ALTCOIN NEWS»Russian Commodity Companies Using Stablecoins to Settle with Chinese Counterparts: Report
ALTCOIN NEWS

Russian Commodity Companies Using Stablecoins to Settle with Chinese Counterparts: Report

By Crypto FlexsMay 30, 20242 Mins Read
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Russian Commodity Companies Using Stablecoins to Settle with Chinese Counterparts: Report
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Russian commodity companies are reportedly using the leading stablecoin USDT to conduct financial transactions with Chinese companies.

At least two metals producers in Russia are using Tether-issued stablecoins and other cryptocurrency assets to facilitate cross-border transactions with customers and suppliers in China, Bloomberg reported, citing “top executives of the companies.” .

It has been reported that companies that have not been sanctioned sometimes deliver settlement payments through Hong Kong.

China has not sanctioned Russian companies even after Russia’s invasion of Ukraine in 2022, but Chinese lenders are reportedly still strengthening compliance measures due to the possibility of secondary sanctions if they cooperate with Russian companies.

USDT is the leading stablecoin by market capitalization and aims to maintain a 1:1 peg with the US dollar.

Ivan Kozlov, co-founder of cryptocurrency firm Resolv Labs, told Bloomberg that cross-border trading of dollar-pegged stablecoins is a “relatively common practice” in countries facing dollar liquidity issues and capital controls.

“With stablecoins, transfers only take 5 to 15 seconds and cost only cents, making these transactions very efficient if the sender already has an asset base in stablecoins.”

Some Russian steelmakers are sometimes avoiding cross-border trade altogether and sending products abroad in exchange for goods shipped to Russia, Bloomberg reported.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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