The concept of a Russian ruble Stablecoin has received special attention to a major local crypto event, the blockchain forum in Moscow, with the main industry executives that reflect some of the key features that a ruble-back stablecoin may need.
Sergey Mendeleev, founder of Digital Settlement Exchange Exved and inactive founder of Enhanced Garantex Exchange, pass seven basic criteria for a potential “Tether replica” to a keynote in the blockchain forum on April 23.
Mendeleev said that a potential Ruble Stablecoin must have unimaginable transactions and allow transfers without Know your customer (KYC) checks.
However, since one of the standards also requires stablecoin to comply with Russian regulations, he has expressed doubt that such a product may appear soon.
Praised the DAI model
Mendeleev suggested that a potential Russian “Tether Replica” must be overcollateralized similar to Dai (Dai) Stablecoin model, a decentralized algorithmic stablecoin that maintains one-to-one peg with a US dollar Smart contracts.
“Thus, any person who buys it will understand that the contract is based on property that is very securitized, not somewhere in some unknown accounts, but freely evaluated by simple crypto methods,” he said.
Another supposed feature should be too much liquidity to the same centralized and decentralized exchangeMendeleev said that added that users should exchange stablecoin at any time they need.
According to Mendeleev, a viable ruble-pegged stablecoin will also have to offer non-KYC transactions, so users are not required to pass their data to start using it.
“The Russian Ruble Stablecoin should have an opportunity where people use it without disclosing their data,” he said.
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Meanwhile, users should earn Interest in handling stablecoinMendelev continued, adding that the offer of this feature was available through smart contracts.
Russia is selective for centralization
Mendeleev also suggested that a potential version of Russia of Tether’s USDT (USDT) will need to feature unreliable and inexpensive transactions, while its wise contracts should not enable blocks or flies.
The final criterion is that a potential Ruble Stablecoin needs to be regulated in accordance with Russian law, which currently does not seem to promise, according to Mendeleev.
“When we combine these seven points (…) then it will be a real alternative, which will help us at least compete with the solutions currently in the market,” he told the conference, adding:
“Unfortunately, from the point of view of regulations, we are currently going in the completely opposite direction (…) we are going in the direction of full centralization, not in the direction of liberalization of laws, but integration -with the restrictions.”
Possible solutions
While the regulation part is not good, a potential Russian version of the USDT can be made, Mendeleev told Cointelegraph.
“Aside from the unknown transactions, everything is easy to implement and deploy many projects, but it has not been united in a project,” he said.
Crypto advocates specifically referred to interesting opportunities through projects such as ruble-pegged A7A5 Stablecoin, non-blocked contracts with DAI, and so on.
Related: Russian Crypto Exchange Mosca raided amid talks in cash-to-crypto ban
Regulation is required but not enough, Mendeleev said, adding that the hardest part is the trust of users that Ruble Stablecoin should see as a viable alternative to major successors such as USDT.
Recent reports suggest that the departmental head of the Department of Policy in Russia’s financial ministry has driven the Manage to develop ruble stablecoins.
Wherever the Russian bank continues to develop it Central Bank Digital Currency ProjectThe digital ruble. According to Finance Minister Anton Siluanov, the digital ruble is Scheduled to launch for commercial banks in the second half of 2025.
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