A new cryptocurrency exchange, ABCeX, has begun operating in Russia, enabling trades between USDT and the Russian ruble (RUB). The platform has secured a listing agreement for a crypto ruble token backed by Ethereum and Tron technology, functioning as an ERC-20 and TRC-20 token pegged to the official ruble exchange rate. The ABCeX project signals a significant step in the region’s digital asset landscape, presenting a bridge between traditional fiat and tokenized currency using robust blockchain standards.
The ABCeX.io platform and the crypto ruble contract are currently in a beta phase. After testing concludes, users may participate in an upcoming airdrop, while the token is described as an independent payment instrument that is not tied to a centralized CBDC. Issuance is planned via a decentralized smart contract with reserve collateral following a model similar to DAI, designed to preserve stability through decentralization and over-collateralization. This approach positions the crypto ruble as a standalone digital asset with a formalized framework for value settlement, rather than a direct state-backed instrument.
ABCeX is noted as the first exchange to secure a listing agreement for the crypto ruble within Russia. The platform is described as a full-cycle service provider, including a fiat cash desk that allows users to convert crypto rubles into physical rubles at a 1:1 ratio, along with liquidity support for these digital assets. This combination aims to streamline on-ramps and off-ramps between crypto and cash, offering practical usability for traders and casual users alike.
According to Sergei Mendeleev, CEO of Indefibank, the company behind the crypto ruble, ABCeX can convert the crypto ruble to Tether and back in Moscow at favorable rates due to low or no commissions, underscoring a focus on efficiency and accessibility for local users. The statements emphasize a confidence in seamless liquidity pathways and minimal transaction costs, which are critical in a nascent market where convenience and speed drive user adoption.
An ABCeX representative highlighted the platform’s advantages, noting a favorable exchange rate for USDT-ruble pairs, rapid verification processes, and a user-centric interface designed for clarity and ease of use. The same profile stressed a commitment to security and user privacy, aiming to reassure participants about safeguarding assets and data while transacting on the network.
Early user feedback from beta testers praises the platform’s performance, with one tester reporting smooth test transactions and competitive pricing for Tether purchases. The respondent also mentioned prompt responses from technical support, and described the beta testing phase as delivering results that compare favorably with other service providers in terms of rate competitiveness and operational responsiveness. This initial sentiment points to a potentially favorable reception for the crypto ruble as it moves toward broader deployment, though long-term success will hinge on continued reliability, governance, and regulatory alignment. © Attributions: ABCeX materials and official statements cited in company communications.