The stablecoin sector is gaining momentum after a new Bloomberg report revealed that Russian commodities firms have adopted fiat-pegged digital currencies to execute cross-border transactions with Chinese counterparts.

Russian commodities firms, trading anything from base metals to timber, have started using Tether Holdings Ltd.’s stablecoin to settle cross-border transactions with Chinese customers and suppliers. These settlements are being routed through Hong Kong.

The appeal of stablecoins comes as the US Treasury Department has unleashed endless rounds of sanctions on Chinese and Russian companies for various reasons, ranging from a trade war between Washington and Beijing to a hot war in Eastern Europe.

“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,”

https://www.zerohedge.com/crypto/russian-firms-adopt-stablecoins-cross-border-transactions-chinese