Analyst Comments on Garantex Exchange USDT Stablecoins Blocking
On March 6, 2025, the team of the Russian crypto exchange Garantex reported the blocking of Tether (USDT) stablecoins worth over 2.5 billion rubles (~$27-28 million). The news scared many members of the crypto community.
Alexander Ryabinin, founder of ODIN DAO and independent financial expert, told what the blocking of USDT Garantex means for the market and whether there is a threat to Russian stablecoins.
What happened to Garantex
Tether has frozen the wallets of the Russian crypto exchange Garantex. They contained USDT stablecoins worth over 2.5 billion rubles. Garantex representatives said that Tether “has entered a war against the Russian crypto market.”
Exchange users' funds that were stored in USDT are now blocked. The exchange has temporarily suspended operations with these assets.
Representatives of the trading platform claim that this decision will seriously affect Russia's foreign economic activity related to cryptocurrencies. The Garantex team accuses Western structures of unilateral measures without legal proceedings.
The crypto exchange has been under sanctions for several years now, and at the end of February 2025, the trading platform came under the scrutiny of European regulators.
Is there a threat to ordinary citizens?
Garantex clients have already lost access to their funds. According to the analyst, there is a risk of mass freezing of USDT wallets in the Russian Federation, which will hit the liquidity of the market. Alexander Ryabinin also expects a decrease in the popularity of USDT and an increase in the interest of market participants in decentralized assets.
The expert believes that the abandonment of USDT will complicate cross-border payments and sanctions circumvention.
“The blocking is an alarming signal for USDT holders in Russia. It is recommended to diversify assets and avoid centralized platforms. The market will survive, but adaptation will take time,” concluded Alexander Ryabinin.
Источник: cryptocurrency.tech
