A stablecoin will be created on the Ethereum blockchain using the ERC-20 standard

Indefibank CEO announces the issue of ruble-pegged stablecoin

14.09.2022 - 10:00

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What’s new? The head of Indefibank Sergey Mendeleev at the Blockchain Life forum announced the release of a stablecoin with a peg to the ruble, a correspondent of GetBlock Magazine reported. The token will be based on the Ethereum blockchain using the ERC-20 standard. In this, according to Mendeleev, each stablecoin will be fully backed by real currency, and its issuance will be under the control of any audit.

What else did Mendeleev add? Indefibank CEO noted that Ethereum was taken as a starting platform. If there is demand, Russian stablecoin will also be released on Binance Smart Chain (BNB) and Solana (SOL) networks.

“Our initiative is what the market demands, something that will make life easier and reduce fees,” explained the company’s head.

Mendeleev also allowed the possibility of the creation of other Russian stablecoins, including those initiated by the state, stressing that “the dollar has them [stablecoins] in dozens.”

What is known about Indefibank? It is a Russian decentralized financial platform founded in 2022. The firm develops smart contracts and provides services in the field of digital assets. Among other things, Indefibank is engaged in consulting activities.

The head of the company, Sergey Mendeleev, is known as the founder of the crypto exchange Garantex. He is also a lawyer and a member of Skolkovo, an initiative group that is working on the draft law “On Digital Financial Assets.”

Author:

Vasiliy Smirnov Vasiliy Smirnov

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