Key Highlights:
- The Rostec conglomerate, which is owned by the Russian state, aims to launch the RUBx, a token pegged to the ruble, and an accompanying payment platform named RT-Pay by the end of the year.
- Each RUBx will correspond to one Russian ruble, held securely in a treasury account. This asset will be managed solely by Rostec, ensuring its value is maintained through legally established obligations.
Rostec’s Stablecoin Initiative
(Image source: Artem Beliaikin/Unsplash)
The switch to a ruble-backed token comes amidst Russia’s increasing integration of cryptocurrency into its financial practices, including a digital ruble initiative launched by the central bank.
The RUBx will be built on the Tron blockchain, with plans for Rostec to release the smart contract code openly on GitHub. Additionally, CertiK, a blockchain security firm, has been enlisted for an independent audit of the project.
RT-Pay aims to facilitate rapid transactions in alignment with the country’s banking systems, enabling money transfers at any hour and using smart contracts for fund security.
Rostec’s approach is designed to comply with anti-money laundering regulations. The initial launch will focus on sectors that currently face significant payment challenges, according to Dmitry Shumayev, the project’s lead.
This development is paralleling efforts by the Bank of Russia, which recently permitted financial institutions to offer crypto-linked products, further signaling the country’s growing openness to the cryptocurrency sector.
