On May 28, at least two of Russia's top metal producers have started using Tether Holdings' stablecoin and other cryptocurrencies to settle some of their cross-border transactions with suppliers. Executives at the company said they declined to be identified because the information is not public. In some cases, settlement is done through Hong Kong.
Ivan Kozlov, a digital currency expert and co-founder of Resolv Labs, said that cross-border settlement through cryptocurrencies, especially stablecoins pegged to the U.S. dollar, is a relatively common practice in countries facing U.S. dollar liquidity issues and capital controls, and not only in the commodities sector.
Bloomberg: Russian companies are turning to cryptocurrencies for commodity trading
2024-05-28 09:39:46
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