- At the Moscow Blockchain Forum, Sergey Mendeleev proposed a ruble-backed stablecoin with no KYC, untraceable transfers, and censorship-resistant smart contracts.
- He acknowledged the idea clashes with Russia’s increasingly centralised regulatory approach, stating current laws oppose anonymity and liberalisation.
- While technical components already exist in projects like A7A5, Mendeleev said a truly anonymous, unified ruble stablecoin remains unlikely under Russia’s current legal framework.
At the Blockchain Forum in Moscow, Sergey Mendeleev laid out what a real ruble stablecoin would need, and inadvertently confirmed why it likely won’t exist under Russia’s current system.
Speaking to Cointelegraph, Mendeleev’s vision is blunt: no KYC, untraceable transfers, over-collateralisation like DAI, high liquidity, and contracts immune to freezing or censorship.
That sounds great, but the problem is that that’s not what the Russian government wants.
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Ruble Stablecoin Under Russian Government Control
As per Mendeleev’s own words, such a product must also comply with Russian law, which is structurally hostile to anonymity, decentralisation, and censorship resistance. He didn’t hide that contradiction:
Unfortunately, from the point of view of regulation, we are currently going in the absolutely opposite direction. We are going in the direction of absolute centralization, not in the direction of liberalization of laws, but consolidation of prohibitions.
Sergey MendeleevNot just Russia, but it’s hard to believe that any government would ever allow a decentralised fiat-backed asset without some form of surveillance hooks.
Mendeleev did make an interesting statement about a Russian version of USDT, stating that it would be easy to just implement and deploy “everything”:
Except for anonymous transactions, everything is easy to implement and has already been deployed by several projects, but it’s just not unified in one project yet.
Sergey MendeleevTechnically, parts of the structure already exist in ruble-pegged experiments like A7A5, which is a stablecoin experiment designed to mirror the value of the ruble. It’s not widely covered and supported by most data aggregators, for obvious reasons, but it can be found on platforms like Phantom.
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