Survey Moscow Exchange Sanctions Pushing Russians Towards USDT

Sanctions imposed on the Moscow Exchange by the West are expected to increase Russian interest in USDT and other cryptocurrencies, according to a survey of traders and investors. The survey, conducted among subscribers to four major Russian-language crypto and investment Telegram channels, found that 20% of respondents were willing to convert or transfer part of their savings into crypto. The recent sanctions forced the Moscow Exchange to suspend trading in dollars and euros, leading to a surge in interest in USD-pegged stablecoins like USDT. Despite this, the majority of respondents stated that they would keep their savings in rubles or dollar banknotes. However, 20% of respondents saw the sanctions as a reason to purchase cryptocurrency with their savings. Initial reports of the sanctions caused some initial panic among Russian investors, but fears seem to have subsided. While there were sharp jumps in USD exchange rates, there were fewer fluctuations in USDT markets. The exchange rate for USDT briefly dropped, but quickly returned to previous levels. Experts caution that switching to USDT is not a quick fix and advise diversifying portfolios instead.