Rostec Launches RUBx Stablecoin Backed 1:1 by Russian Ruble

Russia’s state-owned technology conglomerate Rostec is making a significant move into the digital finance sector with the planned launch of its own stablecoin, RUBx, and a new payment system called RT-Pay. The stablecoin, RUBx, is designed to be backed 1:1 by the Russian ruble, ensuring that its value remains stable and equal to one ruble. This initiative aims to provide safe, legal, and fast digital transactions across the country.

RUBx is built on the Tron blockchain and will be fully backed by real rubles, with Rostec serving as the sole issuer and operator. This control ensures the token’s management and legal stability. The value of RUBx is secured by actual debt obligations in rubles, as confirmed by Deputy General Director of Rostec, Alexander Nazarov. This transparency and trustworthiness are crucial for the stablecoin’s success.

In addition to RUBx, Rostec will introduce RT-Pay, a digital payment platform designed to facilitate transactions for both individuals and businesses. RT-Pay will be integrated with the existing banking system, allowing for easy movement of money through digital wallets and smart contracts. The platform will comply with all Russian financial regulations, including anti-money laundering laws and guidelines from the Central Bank. The code for RT-Pay will be made public on GitHub and audited by the global security firm CertiK to ensure its safety and reliability.

The launch of RUBx and RT-Pay is part of a broader effort by Russia to embrace blockchain technology and modernize its financial services. The initiative will be rolled out in stages to meet the needs of different sectors of the economy, with a special focus on security and integration with current financial systems. This move comes as Russia also explores its own central bank digital currency (CBDC), the digital ruble, further demonstrating the country’s commitment to leveraging blockchain technology for financial innovation.

The approval of RUBx and the RT-Pay platform by relevant authorities underscores the government’s support for this digital financial innovation. This strategic shift aims to enhance financial transactions and reduce reliance on foreign currencies, providing a more robust and secure alternative to traditional payment methods. The launch of RUBx and RT-Pay is expected to bolster Russia’s financial infrastructure, offering a stable and secure method for conducting transactions within the country.