At the Blockchain Forum in Moscow, Sergey Mendeleev, founder of Exved, highlighted essential features for a potential ruble-backed stablecoin modeled after Tether. He outlined seven criteria, including untraceable transactions, compliance with Russian regulations, and over-collateralization similar to the Dai stablecoin. Mendeleev emphasized the importance of excess liquidity, enabling users to exchange the stablecoin easily and without KYC requirements to protect user privacy. He also noted that the smart contracts should ensure cheap transactions and avoid freezing or blocking capabilities. Mendeleev expressed skepticism about the emergence of such a product soon, citing necessary regulatory frameworks and the need for user trust. Reports also indicated ongoing development of the digital ruble by the Bank of Russia, targeting a rollout for commercial banks in the latter half of 2025.

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