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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 &#8220;replica of Tether&#8221; 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 &#8220;Tether replica&#8221; 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.
&#8220;So, 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,&#8221; he said.
_Source: Cointelegraph_
Another 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.
According 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.
&#8220;The Russian ruble stablecoin should have the opportunity where people use it 
without disclosing their data,&#8221; he stated.
_**Related:**__**Russia &#8216;s central bank, finance ministry to launch crypto 
exchange**_
In 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.
## Russia opts for centralization
Mendeleev also suggested that a potential Russian version of Tether&#8217;s USDt 
(USDT) would need to feature untraceable and cheap transactions, while its 
smart contracts should not enable blocks or freezes.
The final criterion is that a potential ruble stablecoin would have to be 
regulated in accordance with the Russian legislation, which currently doesn&#8217;t 
look promising, according to Mendeleev.
_Sergey Mendeleev at the Blockchain Forum in Moscow. Source: Bits.Media_
&#8220;Once we put these seven points together [&#8230;] then it would be a real 
alternative, which would help us at least compete with the solutions that are 
currently on the market,&#8221; he stated at the conference, adding:
&gt; &#8220;Unfortunately, from the point of view of regulation, we are currently going 
&gt; in the absolutely opposite direction [&#8230;] We are going in the direction of 
&gt; absolute centralization, not in the direction of liberalization of laws, but 
&gt; consolidation of prohibitions.&#8221;
## Possible solutions
While the regulatory side is not looking good, a potential Russian version of 
USDT is technically feasible, Mendeleev told Cointelegraph.
&#8220;Except for anonymous transactions, everything is easy to implement and has 
already been deployed by several projects, but it&#8217;s just not unified in one 
project yet,&#8221; he said.
The crypto advocate specifically referred to interesting opportunities by 
projects like the ruble-pegged A7A5 stablecoin, unblockable contracts at DAI, 
and others.
_**Related:**__**Russian crypto exchange Mosca raided amid cash-to-crypto ban 
talks**_
Regulation 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.
Recent reports suggest that the deputy head of Russia&#8217;s Finance Ministry&#8217;s 
financial policy department urged the government to develop ruble stablecoins.
Elsewhere, 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.
_**Magazine:**__**Bitcoin $100K hopes on ice, SBF &#8216;s mysterious prison move: 
Hodler&#8217;s Digest, April 20 &#8211; 26**_

Russian ruble stablecoin: Exec lists 7 ‘Tether replica’ features

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