The recent sanctions imposed on the Moscow Exchange by Western powers have led to a surge in interest among Russian traders and investors in the USD-pegged stablecoin USDT, a survey has found. The sanctions, which suspended trading in dollars and euros, have driven some 20% of respondents to consider converting part of their savings into cryptocurrency.

The survey, conducted among 10,000 subscribers to major Russian-language crypto and investment Telegram channels, revealed that while many Russians still prefer to keep their savings in rubles and cash dollars, the sanctions have sparked a significant increase in interest in USDT. The stablecoin is seen as an analog of the dollar in the Russian market, making it an attractive option for those seeking a safe-haven asset.

The sanctions, which targeted the Moscow Exchange and the National Clearing Center, have led to a spike in demand for USDT. The average exchange rate for USDT against the ruble initially wavered around 94-98 rubles, but it dropped to 89 rubles on June 18. Peer-to-peer traders were selling the coin for between 92 and 92 rubles on the same day.

However, experts warn that switching to USDT is not a quick fix for most people and that the market will remain volatile. Russian crypto expert Taisiya Romanova noted that the survey results are unlikely to indicate a major rise in USDT trading in Russia and that the market will constantly remain in flux. She advised Russians to refrain from impulsive decisions and instead diversify their portfolios.

The sanctions have also led to a sharp increase in demand for dollars, with 3-4% of survey respondents saying they had "run to buy" dollars immediately after the news broke. The USD exchange rate spiked above the RUB 100 mark in the first days after the Moscow Exchange stopped trading dollars and euros.

While the initial impact of the sanctions appears to have been significant, the market has since stabilized, with the USDT exchange rate returning to its previous levels. The Garantex crypto exchange reported a noticeable increase in demand for USDT on the first day after the sanctions were announced, but the effect was short-lived.

Overall, the sanctions have highlighted the growing importance of cryptocurrencies like USDT in the Russian market, particularly as a safe-haven asset. However, experts caution that the market remains volatile and that investors should approach it with caution.