Rial stablecoin, backed by Ethereum, for Financial Freedom, Separation of Power, and Private Property Protection

[amarketmaker]

Abstract

What it is

Rial Ethereum is a synthetic ERC-20 token on Ethereum that functions as a decentralized fund. The fund’s goal is to create a token that tracks the price of the Iranian Rial. Each token is one unit of the fund. Its reserve asset is Ethereum, held inside an immutable smart contract. Users send ETH to the contract to receive Rial Ethereum tokens (issuance). They send tokens back to receive ETH (redemption). Issuance and redemption happen automatically at the current ETH/IRR market price and based on the actual ETH reserve in the fund. The entire system runs without banks, without government, without any user interface, and without any central entity.

Why it matters

Money is a tool that can be used to control people and limit freedom. The Islamic Regime uses its control over the banking system to threaten and punish Iranians both inside and outside the country. They openly say they will freeze and confiscate assets, and they are proud of it. We need money that cannot be controlled by any power.
Even after Iran becomes free and democratic, we will still need a truly independent financial system. Central banks, even in democracies, always move toward more control, inefficiency, and political interference. A decentralized money creates a permanent alternative based on competition. It protects the separation of powers, forces traditional banks to improve their services, and most importantly, defends the right to private property. It gives people a safe zone where no politician, bank, or future government can freeze, confiscate, or monitor their money. This protection builds real trust, encourages investment, and supports long-term economic growth in a free Iran.

Why It’s Interesting

Why now

Iran is in the middle of a revolution followed by a two-year transitional government. This period will bring instability and uncertainty. We have a two-year window to build and promote a stable, trustworthy financial system that people can actually rely on.

Why Iran

Iranians have lived under a totalitarian regime for decades. They have suffered high inflation and they know how dangerous it is when the government controls the central bank. They strongly support the separation of powers. Iran is also a crypto-friendly country — people are actively looking for technological and financial solutions.

Expected impact
Before the revolution, people can stop using the regime’s banking system. This creates internal pressure similar to sanctions and helps accelerate the revolution.

After the revolution, it protects the value of money during political uncertainty. It proves that market-based solutions can support the separation of powers. It gives the new government strong reasons to adopt on-chain tools and reserves for the national currency instead of printing money. It permanently protects the right to private property.

Approach
We are currently focusing on three main steps.

Decentralization

The only centralized part right now is the price feed. This creates security and trust issues. We cannot make it 100% decentralized alone. We need the community to help choose and implement the best scalable decentralized solution.

Proposed method: Use a multi-signature wallet for the price feed with signatures from 10 trusted community members. This ensures no single person can manipulate it and turns the project into a real public good.
Timeline: Once we agree on the solution, it can be implemented and live in two weeks. If it takes longer, it is not the right solution.

Off-chain Exchange

The token currently only exists on Ethereum. Users must use personal wallets like Trust Wallet, which is inconvenient and limits adoption. We need to build a simple off-chain exchange.
Phase 1 (MVP – 1 month): Internal transfers, deposits, and withdrawals for Rial Ethereum and ETH.
Phase 2 (1 month): Spot market for ETH/Rial with limit and market orders.
Phase 3 (2 months): Perpetual futures for USD/Rial and Gold/Rial (isolated positions, limit and market orders only).
Phase 4 (4 months): Scaling, new order types, and more perpetual markets.
This exchange will be the most market maker friendly exchange. It will offer high incentives to market makers to ensure liquidity. This exchange will become a community-driven, open-source bank and trading platform for Iranians.

Adoption

First target the Iranian diaspora to start using it. Then, once internet access improves inside Iran, expand to the domestic market.

Help Needed

Talent

Blockchain and smart contract engineers (to audit code and build the decentralized price feed)
System designers and security experts (full security audit)
Developers (to build the off-chain exchange)
Content creators, designers, and copywriters (Persian and English)

Partnerships

Influencers and bloggers (to introduce the project)
Business owners (to accept Rial Ethereum as payment)
Currency dealers and Telegram P2P groups (to promote it to their customers)
Liquidity providers and market makers (for the exchange)
Connections with crypto firms and financial platforms (for listing, funding, and growth)

Funding

We are looking for $100k for the first year, mainly to launch the exchange. Breakdown:
Company registration and legal work: $10k
Exchange infrastructure (servers, cloud like AWS): $30k
Oracle maintenance and Ethereum gas fees: $5k per year
Marketing: $40k
Other costs and unexpected expenses: $15k

Supporting Material
Website: https://rialeth.com
Whitepaper: https://rialeth.com/whitepaper.pdf
Github: https://github.com/AFreeMarketForIran/FreeMoney