BRUB — ruble stablecoin from Barter Smartplace
The Russian crypto marketplace Barter Smartplace has launched the ruble stablecoin BRUB. A stablecoin has been implemented on the Velas blockchain and has already been integrated into the Barter Smartplace trading platform, as well as the Barter Wallet Bot telegram bot associated with it. BUSD/BRUB and BNB/BRUB trading pairs are already available in the bot. The Velas blockchain was chosen for its low fees, ease of user interaction, and wide range of smart contract capabilities.
BRUB is the world’s first 1to1 ruble-backed cross-chain stablecoin. Once a month, a statement will be made on the bank account that provides BRUB. The stablecoin can be exchanged back to fiat rubles upon request from 100,000 rubles and with mandatory identity verification.
Project Goals
Stablecoins are usually used in the crypto market in order to avoid the volatility that is typical for conventional cryptocurrencies. Launching your own stablecoins is a normal thing for crypto platforms. The most popular example is Binance USD (BUSD), which has been in the top 10 cryptocurrencies on CoinMarketCap for a long time.
Stablecoins have become especially in demand in Russia after the blocking of SWIFT and various payment systems due to sanctions. Most popular stablecoins are pegged to the dollar, but BRUB aims to test the demand for tokenized rubles. The creators of BRUB expect users to actively test the sale and purchase of NFTs for BRUB on the Barter Smartplace marketplace, as well as p2p trading in the telegram bot.
The legislation of the Russian Federation is confidently moving towards the legalization of cryptocurrencies, especially when it comes to foreign trade. In the future, the creators of BRUB are interested in attracting merchants who will accept cryptocurrencies as payment for goods and services — this should make BRUB more in demand. And although now cryptocurrencies cannot yet be used as a legal means of payment in the Russian Federation, they are considered digital assets that can be exchanged for property through a barter transaction.
If the stablecoin turns out to be in demand, then the plans will be to add it to crypto exchanges as a currency basis for creating trading pairs with other tokens.
As for the ruble itself, it feels surprisingly good, even despite the huge number of sanctions.
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