The Tether (USDT) stablecoin has become the most popular crypto asset among Ukrainian officials in 2024. According to an analysis by Incrypted, it is USDT, rather than Bitcoin, that is now the primary choice for storing and accumulating assets among government officials.
This is reported by Finway
The largest amount was declared by Vitaliy Brovko, head of the Department of the Office of the Prosecutor General, who has over 847,000 USDT. Interestingly, the declaration states that the asset belongs to his wife, who also reported an income of 2.4 million hryvnias from cryptocurrency sales.
Trends Among Officials
In second place by the volume of USDT is Maxim Kyseliov, director of the State Enforcement Service of the Ministry of Justice, with assets that have remained unchanged and exceed 647,000 USDT. Kyseliov was the leader of the previous ranking, indicating the stability of his investments.
Third place was taken by former Ukrainian ambassador to China Pavlo Ryabikin, who declared 380,000 USDT in August 2023.
Overall, according to the Unified State Register of Declarations, Ukrainian officials reported a total of 6,488,002 USDT. This indicates the growing popularity of stablecoins among civil servants, who are trying to avoid the volatility associated with Bitcoin and other altcoins.
“USDT has become a convenient tool not only for storage but also for legal reporting”
Comparison with Bitcoin
Unlike previous years, when declarants reported thousands of Bitcoins, in 2024, none of them exceeded the threshold of 200 BTC. This confirms a shift in investment focus from high-risk assets to stable financial instruments.
It is worth noting that in 2024, Ukrainian officials declared Bitcoins totaling approximately $44 million. This indicates significant changes in the cryptocurrency market and the attitudes of civil servants towards it.