Russian ruble stablecoin: Exec lists 7 ‘Tether replica’ features
The Blockchain Forum in Moscow highlighted the potential for a Russian ruble stablecoin, with Sergey Mendeleev proposing seven key criteria for its development. The stablecoin should enable untraceable transactions and non-KYC transfers while complying with Russian regulations, though skepticism exists regarding regulatory feasibility. Mendeleev advocates for an overcollateralized model similar to the DAI stablecoin, ensuring transparency through asset-backed contracts. Additional features include excess liquidity on exchanges and the ability for users to earn interest via smart contracts. He emphasized the need for cheap, untraceable transactions and the avoidance of transaction freezes. Despite regulatory challenges, Mendeleev noted that technical implementation is possible, but user trust remains crucial for acceptance. The Russian Finance Ministry is pushing for ruble stablecoins, while the Bank of Russia advances its digital ruble project, set for commercial rollout in late 2025.
