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Russian Millionaire To Launch A Ruble-Backed Stablecoin On The ETH Blockchain

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Sep 14, 2022

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Alexander Lebedev, the former owner of Russia’s National Standard Bank, is starting a new cryptocurrency project. His decentralized finance (DeFi) startup is planning to introduce a ruble-backed stablecoin on the Ethereum blockchain.

Co-founder Sergey Mendeleev revealed at a conference that a trial version of the coin with minimal features is now available for testing and feedback. The issuance of crypto rubles will be performed by a decentralized smart contract with over-collateralization, following the model of MakerDAO’s DAI algorithmic stablecoin. Notably, one InDeFi token will be strictly equal to one ruble.

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