Russian Crypto Company InDeFi Plans to Launch Ruble Stablecoin on Ethereum

InDeFi, a crypto startup founded by Russian ex-banker Alexander Lebedev, plans to launch a ruble-pegged stablecoin on the Ethereum, CoinDesk reports. The stablecoin will follow the model of MakerDAO's $DAI, and its issuance will be performed by a decentralized smart contract with overcollateralization. InDeFi CEO and co-founder Sergey Mendeleev said that the stablecoin has nothing to do with the Bank of Russia's digital ruble.