Rostec Launches RUBx Stablecoin on TRON Ecosystem Backed by Russian Rubles

Rostec, a state-owned defense and technology conglomerate, has announced plans to launch its stablecoin, RUBx, on the TRON ecosystem. This development was reported by Russian state media. RUBx will be backed one-to-one by Russian Rubles, ensuring that the token's value is validated by the reserve. Alexander Nazarov, Deputy General Director for Rostec, confirmed that the company will maintain a reserve to enable one-to-one backed rubles, allowing users to redeem their tokens as needed.

RUBx will operate on the TRON network, with the Rubles backing the stablecoin stored in the Russian state treasury. This approach ensures that RUBx adheres to local laws and regulations. The code for RUBx will be made available on GitHub to enhance the project’s transparency. Additionally, RUBx will be audited by the firm CertiK as part of the regulatory requirements to ensure the stablecoin adheres to standard practices. Rostec will be the sole issuer of the stablecoin, maintaining control over its distribution and management.

Rostec has designed RUBx to comply with the Bank of Russia’s requirements, allowing for its integration into the financial system. The stablecoin will be used in conjunction with RT-Pay, a payment system that enables clients to utilize RUBx outside of business hours, conduct transactions, and even execute smart contracts. The Bank of Russia has specified particular requirements for the stablecoin to prevent money laundering and terror financing. Initially, the stablecoin will be utilized for specific profitable projects, and subsequently, it will be expanded to serve retail consumers and businesses.

RT-Pay will connect RUBx to traditional banking services, allowing clients to transfer their stablecoins to external wallets and pay for services and products within Russia. This integration will connect RUBx with the broader crypto ecosystem, enabling it to interact with smart contracts. The TRON network is a fitting blockchain for this project because it has a stable ecosystem with high transaction speeds and low costs. Justin Sun, the co-founder of TRON, has recently partnered with USDT Tether to increase the blockchain’s access to the stablecoin market.

TRON manages its token, TRX, which has a market capitalization of $26.8 billion and ranks eighth globally in the cryptocurrency world. TRON also allows Tether’s USDT to operate on its ecosystem. TRON has fast speeds and cheap transaction fees. USDT can be transferred on the blockchain for free using the gas-free wallet option. TRON is an interesting cryptocurrency because it features a pricing structure similar to XLM, characterized by low volatility, while hosting USDT in a manner comparable to tokens like Ethereum and Solana.