Sergey Mendeleev, co-founder and CEO of the InDeFi startup, said at the Blockchain Life conference in Moscow on Wednesday that they plan to introduce a ruble-backed stablecoin on the Ethereum blockchain. Mendeleev is also the founder of the Garantex crypto exchange approved by the US Treasury.

Sergey Mendeleev said that this project has nothing to do with the Russian Central Bank's digital ruble and that InDeFi's crypto ruble will be decentralized. In a statement to CoinDesk, he stated that a trial version of the coin with minimal features is available for testing and feedback. Mendeleev said at the conference that the coin not only facilitates Russian citizens' access to international cryptocurrency exchanges, but can also transact with foreign parties via crypto after changes in the law. In line with MakerDAO's DAI algorithmic stablecoin model, the issuance of crypto rubles will be carried out via a decentralized smart contract, with redundant collateral.

stable coins

Lebedev, a former officer in the Soviet Union's KGB secret service, fell out of favor with President Vladimir Putin's regime in 2008 after a small Russian newspaper he owned published a story that said Putin was having an affair with Olympic champion gymnast Alina Kabaeva. Lebedev lost both banking and publishing jobs in the country. Mendeleev told CoinDesk that InDeFi has not been performing as well "as other DeFi projects in the falling market" lately. “Just imagine, for example, trading rubles on DEXs would be as easy as USDT,” Mendeleev said. He pointed to Tether, the largest dollar stablecoin by decentralized crypto exchanges and market cap.

Compound launches loan service for institutions

Users and financial institutions can now apply for loans using their crypto assets as collateral through Compound Treasury, a decentralized, peer-to-peer lending platform. Compound Treasury became the first DeFi-backed company to do so, receiving a credit rating from a major institution in May. This credit rating also brought the highest level of accountability and transparency to the DeFi platform.