Rostec Launches RUBx Token for Digital Financial Sovereignty

Russian defense and technology conglomerate Rostec has launched a digital token pegged to the ruble, named RUBx, and developed a proprietary payment platform called RT-Pay. This move is part of Rostec's strategy for digital transformation and aims to create a new financial ecosystem that provides safe and efficient payments for both companies and individual users.

The RUBx token is based on the Tron blockchain, which is known for its high throughput and relatively low fees. The token's code will be posted on GitHub and verified by the independent international company CertiK. Each RUBx is backed by real obligations in rubles, with a one-to-one ratio to the Russian national fiat currency. This token should not be confused with the digital ruble, the new form of legal tender issued by the Bank of Russia, which is set to be launched by September 2026.

Rostec's management views the creation of the RUBx token and the RT-Pay platform as a step towards strengthening the Russian Federation’s “digital financial sovereignty.” This move comes as Russian companies face mounting financial restrictions due to sanctions imposed over Moscow’s invasion of Ukraine, leading to limited access to traditional financial channels in their trade with partners abroad.

The growing use of cryptocurrencies, particularly stablecoins, in cross-border settlements and payments by both businesses and citizens within an “experimental legal regime” for such transactions has been noted. However, using foreign stablecoins has proven problematic, as shown by Tether’s freezing of 2.5 billion rubles’ worth of USDT in wallets hosted by the sanctioned Russian crypto exchange Garantex earlier this year.

The RT-Pay system will be integrated into Russia’s existing banking infrastructure, allowing for settlements with external digital wallets or smart contracts. The plan is to launch it this year in stages, taking account of the needs of various sectors of the Russian economy. The head of the RUBx project, Dmitry Shumaev, highlighted that particular attention will be paid to security issues and integration with existing financial infrastructure. In the future, the ecosystem may become the basis for a whole range of innovative financial services.

Its security will be ensured by holding some of the tokens in “cold” storage, while the rest will be kept in quickly accessible wallets with multi-layered protection. The RT-Pay platform is fully compliant with Russian law, including Bank of Russia’s requirements and anti-money laundering standards. Users will be able to buy and sell the RUBx token through an online portal, but Rostec believes it will eventually appear on major crypto exchanges and in popular wallets.