At the St. Petersburg International Economic Forum in June 2025, the Russian Ministry of Finance's stance on USDT was being amplified by TASS: this department, which has been monitoring on-chain dollars as a "problematic tool" since 2022, had seriously discussed excluding USDT from the cryptocurrency regulatory framework, but ultimately shelved the idea due to opposition from nearly all industry participants. Deputy Minister Ivan Chebeskov later admitted that the industry's consensus is that "there is no need to exclude USDT," and they are willing to use technical means to bear risks—this left Moscow in a delicate middle ground between "restricting capital flow tools" and "acknowledging real demands." Across the ocean, an opinion article from Bloomberg, relayed by PAnews, provided a completely different perspective: the U.S. government is, in fact, betting on the on-chain dollars issued by private entities like Tether, which may grow to about $30 trillion in the next few years, thus adding a protective layer to the U.S. dollar's global dominance while absorbing a new round of buyers for U.S. Treasury bonds, described as a form of "shadow monetary policy" not formally written into law. In the absence of unified regulations at the federal level, the U.S. has chosen to "allow the market to grow first, then supplement regulation"; in this policy temperature difference, on-chain dollars and tokenized assets began to intertwine: on one side, there is a rapid increase in global experiments moving real estate, bonds, bills, and other assets onto the blockchain, while on the other side, platforms like Bitget are attempting to position themselves in advance. Since launching the panoramic exchange (UEX) strategy in early 2025, Bitget has publicly declared its intention to transition from a traditional matching exchange to a platform for tokenized assets. CEO Gracy Chen has repeatedly emphasized her intentions regarding RWA in a recent online AMA, trying to capture the liquidity that extends from on-chain dollars to real asset allocation, making the game of on-chain dollars not just a battle of regulatory interpretations, but a rapid three-dimensional competition to see who will build the next-generation tokenized asset infrastructure first.

The Russian Ministry of Finance's Tightening of USDT Plans Halted by Industry

Since 2022, as Russia accelerated the push for cryptocurrency asset legislation, USDT has been targeted in regulatory drafts almost from the outset—on one hand, it is widely used, and on the other, it carries a certain level of anonymity, viewed as a key channel for cross-border capital movement and evasion of restrictions. The Ministry of Finance had once attempted to address the risks with the simplest and most crude method: in the planned cryptocurrency regulatory framework, to simply exclude USDT, making this type of on-chain dollar "nominally" unrecognized. After this idea was disclosed by TASS and other media, the reaction from within the industry was not relief but concern: if the most mainstream tool is pushed out of the regulatory framework, it equates to driving real liquidity out of the regulatory line of sight.

During the St. Petersburg International Economic Forum in June 2025, the Ministry of Finance's stance was further substantiated through TASS reports. Deputy Minister Ivan Chebeskov publicly acknowledged that almost all industry participants opposed excluding USDT, preferring instead to identify, filter, and bear corresponding risks through technical means within the existing regulatory framework. This unanimous position from frontline institutions directly led to the proposal to "exclude USDT" remaining at the discussion stage, with no further progress on the proposal, and the ultimate legislative status remaining ambiguous in public information, without a clear ban being written. This unfinished legislative path lays bare Russia's past few years of vacillation: wanting to prevent the spillover risks brought by on-chain dollars through tightening regulations, yet having to admit that in the context where global on-chain dollars have been widely integrated into cross-border payments and asset transfers, completely excluding USDT is not realistic. Russia's attitude towards USDT is caught in this pragmatic imbalance of tightening while also utilizing.

The U.S. Bets on $30 Trillion of On-Chain Dollars to Absorb National Debt

Unlike Russia's hesitant approach of tightening while utilizing, the Bloomberg opinion article relayed by PAnews outlines a different path for the U.S.: implicitly, the federal government is seen as "tacitly allowing and even encouraging" the accelerated expansion of on-chain dollars issued by private institutions like Tether. The scale proposed in the article is to push this type of on-chain dollar to about $30 trillion in the next few years, to solidify the global dominance of the dollar while finding a new type of on-chain buyer for U.S. Treasury bonds.

This logic is not without basis. Mainstream on-chain dollar issuers, like USDT, have already held a substantial amount of U.S. Treasury bonds and short-term bills, viewed as part of the demand source for U.S. debt. According to the article's author, the larger this "on-chain currency pool" grows, the better it can help the U.S. secure its discourse power over dollar-denominated assets globally. The problem is that, by around 2026, the U.S. does not have a unified, dedicated legal framework for on-chain dollars at the federal level, and regulation is more of a makeshift measure pieced together from existing securities, payment, banking, and other rules. Thus, in the interpretation of this article, pushing on-chain dollars to $30 trillion represents a form of "shadow monetary policy" operating in regulatory gray areas: the government does not open the floodgates directly but uses a tacit stance to outsource the geopolitical monetary game of the dollar to market-driven cryptocurrency institutions, turning the whole system into a large-scale experiment pre-written on paper.

The Double-Edged Sword of On-Chain Dollars: Concentrated Risk and Regulatory Vacuum

In Moscow, the Ministry of Finance once sought to stop the bleeding in the system using the crude method of "excluding USDT", but this was met with strong resistance from almost all industry participants during the legislative process, leading the Deputy Minister to publicly acknowledge that the industry is willing to "bear risks through technical means." The reason is simple: since 2022, USDT has been deeply embedded in Russia's sanctioned and regulated financial reality—from foreign trade settlement to over-the-counter matching, many transactions have become dependent on this on-chain dollar tool. Regulators are concerned about another aspect: it weakens capital controls, dilutes the effectiveness of domestic monetary policy, and turns originally manageable capital flows into untraceable on-chain dark rivers. Therefore, Russia can only pull between the instinct to "tighten" and the reality of "not applying a one-size-fits-all approach," delegating risk control to technology and industry self-discipline while retreating to a more observant position.

At the same time, in Washington, the corresponding position is almost empty. The Bloomberg opinion piece depicts the U.S. tacitly allowing Tether and other private entities to push on-chain dollars towards trillions, treating it as an extension to support the dollar's dominance and absorb U.S. Treasury demand. On-chain dollars quickly occupy a position in global cross-border payments, asset transfers, and transaction matching, especially seen as a circumvention payment channel and entry for dollar asset allocation in economies under sanctions or capital controls like Russia. However, the issuance side is highly concentrated in a few institutions, with Tether facing long-term scrutiny over reserve asset transparency, auditing arrangements, and compliance. In the absence of a unified disclosure standard and global regulatory framework, the entire system is forced to rely on trust in a single issuer. Therefore, whether being hesitantly accepted by Russia or tacitly expanded by the U.S., on-chain dollars are becoming a new extension of the dollar system while accumulating risks of concentration and regulatory vacuum.

Bitget Bets on RWA: From Transaction Matching to Asset Factory

When on-chain dollars are caught in a tug-of-war on both ends, Bitget chooses to take on a different role in the middle ground. In early 2025, Bitget announced the "Panoramic Exchange (UEX)" strategy, no longer defining itself solely as a matching exchange for cryptocurrency pairs, but publicly declaring its aim to transform into a platform covering a broader range of tokenized asset services. In subsequent online AMAs, CEO Gracy Chen repeatedly emphasized this direction—in her words, RWA is not just a new business line but a key channel for connecting on-chain dollars with real asset allocation needs, serving as the central infrastructure that moves the platform from "matching transactions" to "holding assets."

It is worth noting that Bitget has not publicly disclosed which specific asset classes it will tokenize or which institutions it will cooperate with, but its action of incorporating RWA into its core strategy in public settings serves as a signal: globally, the exploration of moving traditional assets such as real estate, bonds, and bills onto the blockchain is increasing. If exchanges remain focused solely on matching cryptocurrency pairs, they can only passively accommodate the inflow and outflow of on-chain dollars; an upgrade to an "asset factory" implies an attempt to position itself in advance, placing itself at the entry point of the next generation of asset issuance and allocation, betting on a more imaginative but equally uncertain track during the regulatory standard development gap.

The Regulatory Game Is Not Over: Who Will Write the Next Generation of Dollar Order

From the discussions surrounding USDT at the St. Petersburg Forum to the scenario of "trillions of on-chain dollars" presented in Bloomberg's column, Russia and the U.S. are scripting the same game along two diverging trajectories: Russia is forced to make compromises with reality in a defensive stance, once intending to exclude USDT from legal texts, but ultimately withdrawing under the "nearly unanimous opposition" of industry participants, turning towards finding an operable balance between restriction and utilization; while the U.S., in the absence of a unified specialized law, tacitly allows expansion, letting Tether and other private issuers pave the way first, then "catching up" through regulatory coordination and pressure for transparency. Between these two paths, platforms like Bitget bet on RWA, positioning themselves as the hub between on-chain dollars and tokenized assets like real estate, bonds, and bills, hoping to find a new profit model and safe boundaries between regulation and market. By 2026, with no unified regulatory standards for on-chain dollars and RWA globally, the approximately $30 trillion mentioned in Bloomberg's article resembles a test stone aimed at the future, and its realization will depend on the speed of legislative formulation and execution by various countries, the asset and contract quality of RWA projects themselves, and the extent to which markets are willing to bear tail risks associated with a highly concentrated issuance structure; the eventual form of the next generation of dollar order will slowly reveal itself in the tension interwoven by these three variables.

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