“It’s going to be super-problematic for them to get much traction here because they also need a liquid exchange that is going to take the Russian ruble,” he told Insider.
Stablecoins like tether and USDC are popular — in the top five cryptocurrencies by market value, according to CoinMarketCap data — because exchanges use them to trade into and out of other cryptocurrencies.
“I’m not sure it’s going to be very helpful in terms of getting liquidity in and out of Russia,” Birla said about sbercoin.
“It’s like taking your own bank account and putting it onto a ledger. It’s not all that useful unless you can start trading it for other things. And so far, the data I saw is that it’s not very liquid,” he added.
Sbercoin started trading at $0.0003617 on March 17, and its trading volume in the 24 hours after the launch was just under $948,000, according to CoinMarketCap data. The coin, which mainly trades on Pancakeswap, is down around 90% since then at $0.00002211, and its 24-hour trading volume stood at $1,248 as of 12:30 p.m. ET Friday.
