As Russia explores the idea of launching a ruble-backed stablecoin, crypto experts are voicing both excitement and skepticism. At the recent Blockchain Forum in Moscow, one message was clear: creating a “Tether-style” ruble stablecoin isn’t just about tech—it’s about trust, freedom, and regulation.
Sergey Mendeleev, founder of Exved and former founder of the now-sanctioned exchange Garantex, outlined seven key features needed to make a ruble stablecoin truly competitive:
The 7 Must-Haves of a Ruble Stablecoin
1. Anonymous Transactions – Users should be able to send ruble stablecoins without their identities being tracked.
2. No KYC Hassles – Forget handing over your data. Privacy-first usage is a must.
3. Full Regulatory Compliance – Ironically, it must also follow Russian regulations—a challenging combo.
4. Overcollateralized Like DAI – Backed by secure, transparent assets, not mystery funds.
5. Always Liquid – Easy access and high trading volumes on both centralized and decentralized exchanges.
6. Smart Contract Earnings – Users should earn interest via smart contracts—no middlemen required.
7. No Freezing or Blocking – Smart contracts must not allow transaction blocks or asset freezes.
Mendeleev highlighted the DAI model as a prime example of decentralized strength. He believes the ruble coin must follow a similar path to gain credibility—and not just rely on government backing.
Tech Is Ready, Regulation Isn’t
The tech to make this dream stablecoin real? It’s already here. From the A7A5 ruble-pegged stablecoin to DAI’s “unblockable” contracts, many tools exist. What’s missing is unification—and most of all, regulatory freedom.
“Right now, Russia is moving toward more centralization, not less,” Mendeleev said. “We need a shift in regulation to even have a chance.”
What’s Next for Russia?
While Russia’s Finance Ministry is reportedly warming up to ruble stablecoins, and the central bank continues work on its digital ruble (set for rollout in late 2025), there’s a long road ahead before any Tether competitor can take off.
For now, it seems the dream of a truly decentralized, anonymous ruble stablecoin remains just that—a dream. But the conversation has started, and the crypto community is watching.