Source: Cointelegraph
Original: “Russian Version of 'Ruble Stablecoin' Launched: Executives Detail Seven USDT Replica Features”
The concept of a Russian ruble stablecoin has garnered special attention at the Moscow Blockchain Forum, a significant local cryptocurrency event, where several industry executives discussed the core features that this stablecoin may need to possess.
Sergey Mendeleev, founder of the digital settlement exchange Exved and inactive founder of the sanctioned exchange Garantex, proposed seven key standards for a potential "Tether replica" during his keynote speech at the blockchain forum on April 23.
Mendeleev stated that the potential ruble stablecoin must enable untraceable transactions and allow transfers without KYC checks.
However, he expressed skepticism about the emergence of such products in the short term, as one of the standards also requires the stablecoin to comply with Russian regulations.
Advocacy for the DAI Model
Mendeleev suggested that the potential "Tether replica" in Russia must adopt an over-collateralization mechanism similar to the Dai (DAI) stablecoin model. DAI is a decentralized algorithmic stablecoin that maintains a 1:1 peg to the US dollar through smart contracts.
"Therefore, any buyer will understand that the contract is based on over-collateralized assets, rather than being stored in some unknown accounts, and these assets can be freely verified through simple cryptographic methods," he said.
Mendeleev pointed out that another essential feature is to maintain over-collateralized liquidity on both centralized and decentralized exchanges, emphasizing that users must be able to redeem the stablecoin at any time.
According to Mendeleev, a viable ruble-pegged stablecoin must also support non-KYC transactions, allowing users to operate without submitting personal information.
He explicitly stated, "The Russian ruble stablecoin should provide a way to use it without disclosing personal information."
At the same time, Mendeleev added that holders of the stablecoin should be able to earn interest, a feature that can be achieved through smart contracts.
Russia's Centralized Path
Mendeleev also suggested that the Russian version of Tether should have untraceable and low-cost transaction characteristics, and its smart contracts should not support freezing or interception functions.
The final standard is that the stablecoin must comply with Russian regulatory requirements, but Mendeleev believes the current regulatory environment is not mature.
"If it can meet these seven conditions, it will become a true alternative, at least helping us compete with existing market solutions," he stated at the conference, adding, "Unfortunately, from a regulatory perspective, we are currently moving in the completely opposite direction, heading towards absolute centralization rather than legal liberalization, reinforcing bans rather than relaxing them."
Feasible Solutions
Mendeleev revealed to Cointelegraph that despite the bleak regulatory environment, the Russian version of Tether is technically feasible.
"Except for the anonymous transaction feature, other technologies are already mature, and several projects have implemented related functions, just not yet integrated into a single project," he explained. The cryptocurrency advocate specifically mentioned project cases worth referencing, including the A7A5 stablecoin pegged to the ruble and DAI's anti-censorship smart contracts.
Mendeleev emphasized that while regulation is necessary, it is far from sufficient; the most critical challenge is to gain user trust—users must view the ruble stablecoin as a viable competitor to mainstream alternatives like Tether.
Recent developments indicate that the Deputy Director of the Financial Policy Department of the Russian Ministry of Finance has urged the government to accelerate the development of the ruble stablecoin. Meanwhile, the Central Bank of Russia continues to advance the research and development of the digital ruble. According to Finance Minister Anton Siluanov, the digital ruble is planned for full rollout to commercial banks in the second half of 2025.
Related: Reports indicate that the founder of Bankera is using funds raised through an initial coin offering (ICO) to purchase real estate globally.
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