Russia is back in the spotlight after recent issues with the Libyan dinar, which Libyan officials attribute to a surge in counterfeit bills reportedly linked to Russia.
Newly analyzed customs data reveals Russia has moved $2.3 billion in cash to Moscow, with Turkey and the UAE facilitating these transfers amidst sanctions. Interestingly, over half of this cash’s origin remains unknown.
Despite the Kremlin’s push to promote the Chinese yuan, many Russians still prefer holding dollars and euros for their reliability. Dmitry Polevoy of Astra Asset Management notes that the dollar continues to be a favored currency among Russians.
This ongoing preference highlights a gap between Russia’s official economic policies and the practical choices of its citizens. The high demand for foreign cash is driven by travel and savings needs.
Additionally, President Putin’s legalization of Bitcoin mining represents a move to overcome financial barriers. Russia’s recent presidency of the UN Security Council has also been used to promote a “multipolar world” and challenge the dominance of the US dollar, aligning with the goals of the BRICS nations.
Coinbase CEO Brian Armstrong has spotlighted a significant acceleration in institutional crypto adoption, driven largely by the surging popularity of exchange-traded funds and increased use of Coinbase Prime among major corporations.
Jefferies chief market strategist David Zervos believes an upcoming power shift at the Federal Reserve could benefit U.S. equity markets.
Anchorage Digital, a federally chartered crypto custody bank, is urging its institutional clients to move away from major stablecoins like USDC, Agora USD (AUSD), and Usual USD (USD0), recommending instead a shift to the Global Dollar (USDG) — a stablecoin issued by Paxos and backed by a consortium that includes Anchorage itself.
Ethereum co-founder Vitalik Buterin has voiced concerns over the rise of zero-knowledge (ZK) digital identity projects, specifically warning that systems like World — formerly Worldcoin and backed by OpenAI’s Sam Altman — could undermine pseudonymity in the digital world.