The 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.
Sergey Mendeleev, founder of the digital settlement exchange Exved and inactive founder of the sanctioned Garantex exchange, put forward seven key criteria for a potential “replica of Tether” in a keynote at the Blockchain Forum on April 23.
Mendeleev said a potential ruble stablecoin must have untraceable transactions and allow transfers without Know Your Customer (KYC) checks.
However, because one of the criteria also requires the stablecoin to comply with Russian regulations, he expressed skepticism that such a product could emerge soon.
The DAI model praised
Mendeleev proposed that a potential Russian “Tether replica” must be overcollateralized similarly to the Dai (DAI) stablecoin