The DAI model praised Mendeleev proposed that a potential Russian “Tether replica” 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.“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,” he said.
Media“Once we put these seven points together [...] then it would be a real alternative, which would help us at least compete with the solutions that are currently on the market,” he stated at the conference, adding:“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.”Possible solutionsWhile the regulatory side is not looking good, a potential Russian version of USDT is technically feasible, Mendeleev told Cointelegraph.“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,” he said.
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.“The Russian ruble stablecoin should have the opportunity where people use it without disclosing their data,” he stated.
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