The Russian Ruble Stablecoin: Could it Be the New Tether, or a Fiasco in the Making?

by

Ah, the splendid world of stablecoins! Where the ruble dreams of competing with the mighty Tether, and where industry executives reflect deeply on the secrets of the universe—well, stablecoins at least. The Blockchain Forum in Moscow recently hosted a fascinating discourse on this very topic, and guess who took center stage? Sergey Mendeleev, a name that rings as familiar in the crypto world as “Tether” itself—though perhaps not for all the right reasons. What a spectacle!

Sergey, the founder of Exved (a digital settlement exchange that hasn’t quite cracked the code of legality) and former creator of Garantex (you know, the one with a few sanctions under its belt), presented his vision for a rublesque Tether-like stablecoin. Seven bold criteria were set forth in his keynote on April 23, and each sounded more daring than the last. Hold on to your hats, dear readers, because here comes the first:

“We must have untraceable transactions and the sweet freedom of transfers without any Know Your Customer (KYC) checks.” Yes, because who wouldn’t want a stablecoin that *doesn’t* require pesky personal information? A true leap of innovation!

The DAI Model – Oh, We Love a Good Collateral!

Now, Mendeleev, ever the visionary, continued by suggesting that a Russian ruble stablecoin should be over-collateralized like the DAI stablecoin. You know, a decentralized marvel that defies the dollar with the magic of smart contracts. Ah, the power of over-collateralization! It’s almost like putting your house on the line just to buy a sandwich.

“So,” Mendeleev said, “any person who buys it will understand that the contract is based on assets that super-secure it, not some mysterious offshore accounts. You’ll be able to check it all with a few clicks!” Because nothing screams trust like being able to check the numbers yourself on some random blockchain explorer.

Mendeleev also stressed that liquidity must flow freely—whether on centralized exchanges or the oh-so-decentralized ones. When you need to exchange, you must be able to do so swiftly and with minimal fuss. Think of it as the liquidity express of the crypto world!

“The ruble stablecoin should be just as free of restrictions as your aunt’s ‘homemade’ vodka. No KYC, no fuss. Just pure, anonymous bliss.” The dream of every crypto enthusiast, if they’ve ever felt suffocated by *those* pesky KYC forms.

Russia, the Land of Centralization (Not Quite the Paradise We Expected)

But wait! The pièce de résistance of Mendeleev’s grand vision is the regulation angle. “Ah yes,” he mused, “it must comply with Russian law, which, given current trends, means absolute centralization rather than liberalization of laws. We are on a fast track to ‘consolidation of prohibitions.’” How quaint!

trust. Mendeleev stresses that without user trust, this grand vision is doomed. The ruble stablecoin, if it’s ever to become an alternative to USDT, must first win the hearts and minds of crypto users, who are always on the lookout for the next big thing—something that’s as safe as it is anonymous.

Meanwhile, the Russian government is keeping an eye on things. The deputy head of the Finance Ministry’s policy department has hinted that ruble stablecoins are on the agenda. The Bank of Russia is also progressing with its central bank digital currency project—the digital ruble. But what does that mean for our rebellious ruble stablecoin dreamers? Only time will tell.

And there we have it. The seven golden criteria for a ruble stablecoin. Will it soar, or crash and burn? Tune in next time to see if Sergey Mendeleev gets his regulatory wish—or if the authorities will spoil the fun. Until then, keep those wallets open and your KYC forms ready… or not! 😉

Read More

2025-04-29 10:18