Recently, more and more attention has been paid to the creation of ruble stablecoins. This topic is actively discussed at various levels, including government circles. However, experts warn about the difficulty of creating a viable “copy of Tether” in the Russian currency.
Criteria for a stablecoin
Sergey Mendeleev, who proposed seven key criteria for a ruble stablecoin, draws attention to several important aspects. Among them is the ability to make untraceable transactions and transfers without the KYC (Know Your Customer) procedure. The coin must also comply with Russian legislation.
As an example for a Russian stablecoin, Mendeleev proposed the DAI model. This model supports a peg to the US dollar using smart contracts. At the same time, the coin must be over-collateralized and have excess liquidity.
Features and capabilities
In addition, the stablecoin must offer users the opportunity to earn interest for ownership and make transactions without KYC. Smart contracts should be unblockable and cheap.
Regulation and centralization
However, Mendeleev’s skepticism about the compliance of Russian legislation is not without reason. Russia is moving towards centralization, not liberalization of laws. This may complicate the process of creating and implementing a ruble stablecoin.
Technical capabilities and projects
Nevertheless, a ruble stablecoin is technically possible. To do this, it is necessary to combine all the criteria and take into account the technical aspects. Examples of such projects already exist, for example, A7A5 and unblockable contracts on DAI.
The need for user trust
But the most difficult part is user trust in a ruble stablecoin. The deputy head of the financial policy department of the Russian Ministry of Finance calls on the government to develop ruble stablecoins. However, without broad support from users and investors, the creation of a stablecoin may be difficult.
Digital ruble project
Meanwhile, the Bank of Russia continues to improve the digital ruble project. The digital ruble is planned to be introduced for commercial banks in the second half of 2025. This could be another step in the development of financial technologies in Russia.
