Rostec Launches Ruble-Pegged Stablecoin RUBx on Tron Blockchain

Rostec, a key player in Russia's military-industrial complex, has unveiled plans to introduce a ruble-pegged stablecoin named RUBx. This digital asset will be issued and managed by Rostec itself, with its value maintained through a legal mechanism known as "Ruble Actual Debt." The stablecoin will operate on the Tron blockchain, ensuring a 1:1 peg to the Russian ruble.

Accompanying the launch of RUBx is the RT-Pay payment platform, designed to integrate seamlessly with Russia's banking settlement network. This platform will support real-time transactions for both businesses and individuals, as well as the locking of funds through smart contracts. The project's code will be open-sourced on GitHub and undergo a security audit by CertiK, ensuring transparency and security.

This initiative by Rostec is part of a broader effort to reduce reliance on foreign stablecoins, such as USDT, which have been widely used in Russia. By providing a domestic alternative, Rostec aims to enhance the stability and security of digital transactions within the country. The launch of RUBx and RT-Pay is expected to strengthen Russia's digital economy, offering a reliable and efficient payment solution.

The Russian Central Bank is also actively exploring the digital ruble, having recently permitted financial institutions to offer related products to qualified investors. This concurrent development highlights the growing interest in digital currencies within the region, as both the public and private sectors seek to innovate and adapt to the evolving financial landscape.