The Russian central bank just announced that only $BTC, $ETH, and $USDT will be allowed to trade on exchanges without restrictions. Among them, $BTC and $ETH are completely backdoor-free and cannot be frozen. Previously, the Russian central bank had repeatedly criticized $USDT, classifying it as a high-risk tool due to its association with blacklists and potential U.S. sanctions. But this time, $USDT has been brought back into the fold. It seems Tether may have reached a tacit understanding with Russian authorities—on the surface, cooperating with the U.S. by freezing a few insignificant addresses to maintain the appearance of compliance, while in reality, staying silent and lenient when it comes to large-scale funds related to energy, defense, and other critical sectors. This way, they avoid offending the U.S. while still embedding themselves deeper into Russia. At the same time, the U.S. doesn’t seem to mind this arrangement. After all, when they previously pressured Russia, it led to Russia exploring the creation of its own ruble-backed stablecoin. By keeping $USDT as a leash to control Russia, the U.S. can still exert influence. If they completely cut off Russia’s access to $USDT, that leash would snap, leaving them with no leverage. So, from the U.S. perspective, they don’t entirely oppose Russia using $USDT. In fact, they might prefer Russia to become increasingly dependent on it. They can turn a blind eye most of the time, occasionally freezing a few addresses as a warning. But when it comes to a critical moment of no return, they can simply pull the plug. In essence, $USDT is a Trojan horse—introduced by the U.S., but willingly accepted by Russia.