Bloomberg: Russian companies turn to cryptocurrencies for commodity trading

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Cointime2024/05/28 10:19

By:Cointime

On May 28th, at least two top Russian metal producers have started using Tether Holdings' stablecoin and other cryptocurrencies to settle some of their cross-border transactions with suppliers. The company's executives declined to reveal their identities as the information is not public. In some cases, settlements are made through Hong Kong.

Ivan Kozlov, a digital currency expert and co-founder of Resolv Labs, said that in countries facing US dollar liquidity issues and capital controls, settling cross-border transactions using cryptocurrencies, particularly stablecoins pegged to the US dollar, is a relatively common practice, not only in the commodity sector.

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