May 28, 09:19 AM

Russian Firms Use Tether's USDT for Chinese Transactions, Moving Away from BRICs Currency

Countries are increasing efforts to reduce reliance on the US dollar, with global demand for currency diversification growing. Russian commodities firms are turning to stablecoins for financial transactions with Chinese partners, including the use of Tether's USDT. Despite previous expectations, Russia and China are settling transactions in US dollar-backed stablecoins, moving away from the BRICs currency.

#US #Russian #Chinese #Tether #Russia #China

Written with ChatGPT (GPT-3).

Sources

Ram Ahluwalia CFA, Lumida@ramahluwalia
1 year ago
Russia and China commodity exporters are settling in US dollar backed stablecoins. So much for the BRICs currency. That never really had legs. https://t.co/MOxNuSWDcD
crypto.news@cryptodotnews
1 year ago
Russia's two largest unsanctioned metal producers have begun using Tether's USDT stablecoin for cross-border transactions with Chinese clients and suppliers https://t.co/PN8IGgk83W
Bloomberg@business
1 year ago
Russian commodities firms struggling to execute financial transactions with Chinese counterparts have started tapping a new method for settling deals — stablecoins https://t.co/jpBsAtXAV8

Russian Firms Use Tether's USDT for Chinese Transactions, Moving Away from BRICs Currency

Sources

Additional media

Similar Stories