{"id":128180,"date":"2025-04-29T07:34:57","date_gmt":"2025-04-29T07:34:57","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128180"},"modified":"2025-04-29T07:34:57","modified_gmt":"2025-04-29T07:34:57","slug":"russian-ruble-stablecoin-exec-lists-7-tether-replica-features","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128180","title":{"rendered":"Russian ruble stablecoin: Exec lists 7 \u2018Tether replica\u2019 features"},"content":{"rendered":"

Source: Cointelegraph.com NewsThe concept of a Russian ruble stablecoin received special attention at a major local crypto event, the Blockchain Forum in Moscow, with key industry executives reflecting on some of the core features a ruble-backed stablecoin might require.
\nSergey Mendeleev, founder of the digital settlement exchange Exved and inactive founder of the sanctioned Garantex exchange, put forward seven key criteria for a potential \u201creplica of Tether\u201d in a keynote at the Blockchain Forum on April 23.
\nMendeleev said a potential ruble stablecoin must have untraceable transactions and allow transfers without Know Your Customer (KYC) checks.
\nHowever, because one of the criteria also requires the stablecoin to comply with Russian regulations, he expressed skepticism that such a product could emerge soon.
\nThe DAI model praised\u00a0
\nMendeleev proposed that a potential Russian \u201cTether replica\u201d must be overcollateralized similarly to the Dai (DAI) stablecoin model, a decentralized algorithmic stablecoin that maintains its one-to-one peg with the US dollar using smart contracts.
\n\u201cSo, any person who buys it will understand that the contract is based on the assets that super-securitize it, not somewhere on some unknown accounts, but free to be checked by simple crypto methods,\u201d he said.
\nSource: CointelegraphAnother must-have feature should be excess liquidity on both centralized and decentralized exchanges, Mendeleev said, adding that users must be able to exchange the stablecoin at any time they need.
\nAccording to Mendeleev, a viable ruble-pegged stablecoin also needs to offer non-KYC transactions, so users are not required to pass their data to start using it.
\n\u201cThe Russian ruble stablecoin should have the opportunity where people use it without disclosing their data,\u201d he stated.
\nRelated: Russia\u2019s central bank, finance ministry to launch crypto exchange
\nIn the meantime, users should be able to earn interest on holding the stablecoin, Mendelev continued, adding that offering this feature is available via smart contracts.
\nRussia opts for centralization
\nMendeleev also suggested that a potential Russian version of Tether\u2019s USDt (USDT) would need to feature untraceable and cheap transactions, while its smart contracts should not enable blocks or freezes.
\nThe final criterion is that a potential ruble stablecoin would have to be regulated in accordance with the Russian legislation, which currently doesn\u2019t look promising, according to Mendeleev.
\nSergey Mendeleev at the Blockchain Forum in Moscow. Source: Bits.Media\u201cOnce we put these seven points together […] then it would be a real alternative, which would help us at least compete with the solutions that are currently on the market,\u201d he stated at the conference, adding:
\n\u201cUnfortunately, from the point of view of regulation, we are currently going in the absolutely opposite direction […] We are going in the direction of absolute centralization, not in the direction of liberalization of laws, but consolidation of prohibitions.\u201d
\nPossible solutions
\nWhile the regulatory side is not looking good, a potential Russian version of USDT is technically feasible, Mendeleev told Cointelegraph.
\n\u201cExcept for anonymous transactions, everything is easy to implement and has already been deployed by several projects, but it\u2019s just not unified in one project yet,\u201d he said.
\nThe crypto advocate specifically referred to interesting opportunities by projects like the ruble-pegged A7A5 stablecoin, unblockable contracts at DAI, and others.
\nRelated: Russian crypto exchange Mosca raided amid cash-to-crypto ban talks
\nRegulation is necessary but not enough, Mendeleev said, adding that the most difficult part is the trust of users who must see the ruble stablecoin as a viable alternative to major alternatives like USDT.
\nRecent reports suggest that the deputy head of Russia\u2019s Finance Ministry\u2019s financial policy department urged the government to develop ruble stablecoins.
\nElsewhere, the Bank of Russia has continued to progress its central bank digital currency project, the digital ruble. According to Finance Minister Anton Siluanov, the digital ruble is scheduled to be rolled out for commercial banks in the second half of 2025.
\nMagazine: Bitcoin $100K hopes on ice, SBF\u2019s mysterious prison move: Hodler\u2019s Digest, April 20 \u2013 26Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsThe concept of a Russian ruble stablecoin received special attention at a major local crypto event, the Blockchain Forum in Moscow, with key industry executives reflecting on some… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128180"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128180"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128180\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128180"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}