Rostec Launches RUBx Stablecoin Pegged 1:1 to Russian Ruble

Russia’s state-owned conglomerate Rostec is set to launch a new stablecoin called RUBx later this year. This stablecoin will be pegged 1:1 to the Russian ruble and will operate on the Tron blockchain, known for its speed and low transaction costs. The introduction of RUBx is part of Russia’s broader efforts towards ruble digitalization and strengthening digital payment sources.

Rostec has ensured that each RUBx token is fully backed by real rubles, with one Russian ruble kept in reserve for each RUBx in circulation. This backing is legally ensured, and Rostec will be the primary operator of the system. To facilitate everyday transactions, Rostec has introduced a payment platform called RT-Pay. This platform will enable individuals and corporations to transact quickly and safely, interlinking with the existing Russian banking system. Users will be able to transfer funds to their bank accounts, external wallets, and smart contracts seamlessly.

The code for RUBx will be open-source and posted on GitHub for public access. Additionally, the code will be audited by an independent cybersecurity company, CertiK, to establish confidence in the system and ensure it has no hidden weaknesses. Rostec has also emphasized that RT-Pay will comply with all Russian laws, including the requirements of the central bank. The platform will be equipped with money laundering precautions and measures to prevent the financing of terrorism, aligning with national regulations.

The rollout of RUBx and RT-Pay will be staged to allow Rostec to experiment with the system and meet the demands of various sectors of the economy. Security will be a top priority during this phased introduction. The RUBx project leader, Dmitry Shumayev, has suggested that the new ecosystem could serve as the foundation for a variety of new financial services in the future.

In addition to developing RUBx, Russia is also working on a digital ruble, a central bank digital currency. This indicates Russia’s interest in implementing blockchain technology and developing safe, state-regulated digital finance instruments. While Russia remains cautious about decentralized cryptocurrencies like Bitcoin, it is open to the application of blockchain technology in regulated, licensed digital currencies.

Rostec aims for RUBx to be a state-supported alternative to digital payments, making transactions quick, low-cost, and safer for both businesses and individuals. If successful, RUBx and RT-Pay could contribute to the modernization of Russia’s payment systems and help maintain the country’s competitiveness in the global digital economy. The coming months will be crucial in understanding the speed of RUBx’s launch and how individuals and businesses will adopt it. A successful rollout could play a significant role in the digital future of the Russian ruble.