when

<div class="dailyhodl">
 <p>Russian commodities firms are reportedly using the top stablecoin USDT to execute financial transactions with Chinese companies.</p>
 <p>Bloomberg, citing “top executives at the companies,” reports that at least two metals producers in Russia use the Tether-issued stablecoin and other crypto assets to facilitate cross-border transactions with clients and suppliers in China.</p>
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">  
 </div>
 <p>The companies, which are not sanctioned, also reportedly sometimes route settlements through Hong Kong.</p>
 <p>China didn’t sanction Russian companies in the wake of Russia’s invasion of Ukraine in 2022, but Chinese lenders have still reportedly tightened their compliance measures due to the possibility of secondary sanctions for working with Russian firms.</p>
 <p>USDT is the top stablecoin by market cap and aims to maintain a 1:1 peg to the US dollar.</p>
 <p>Ivan Kozlov, the co-founder of the crypto firm Resolv Labs, tells Bloomberg that dollar-pegged stablecoin cross-border transactions are a “relatively common practice” in countries facing dollar liquidity issues and capital controls.</p>
 <p><em>“With stablecoins, the transfer may take just 5-15 seconds and cost a few cents, making such transactions pretty efficient when the sender already has an asset base in stablecoins.”</em></p>
 <p>Some Russian steelmakers are also sometimes eschewing cross-border transactions altogether and sending their products abroad in exchange for goods shipped into Russia, Bloomberg reports.</p>
 <p class="p1"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/russian-commodity-companies-using-stablecoins-to-settle-with-chinese-counterparts-report-tbt90581.html">https://thebittimes.com/russian-commodity-companies-using-stablecoins-to-settle-with-chinese-counterparts-report-tbt90581.html</a></p>

Russian Commodity Companies Using Stablecoins To Settle With Chinese Counterparts: Report

TheBitTimes

Other articles published on May 30, 2024

MoonBag, the Undisputed Top Meme Coin Presale in 2024, Hits $900k as ChainGPG and Dogeverse are P...

Bitcoin ETFs Recorded $28M Inflows, BTC Above $67k

Wall Street’s changing stance on Bitcoin: From threat to opportunity!

These 3 CRYPTO Altcoins Are Ready For A Massive Pump! Altcoin Season Approaching

The Role Of Blockchain In Enhancing Transparency & Security In Online Casinos

BlockDAG’s 39th Development Release Boosts Security with HD Wallets as Presale Approaches $36M

Join our free newsletter for daily crypto updates!