Russia Launches Ruble-Pegged Stablecoin RUBx on Tron Blockchain

Russia has announced the development of a ruble-pegged stablecoin and a blockchain-based payment platform, both designed to operate within the country's strict regulatory framework. The stablecoin, named RUBx, will be issued on the Tron blockchain and will be pegged one-to-one with the Russian ruble. Unlike most public crypto projects, RUBx will be entirely managed and backed by Rostec, a state-owned corporation. Each RUBx token will be tied to actual ruble-denominated obligations, ensuring its value is legally and financially anchored.

In addition to the stablecoin, Rostec is developing RT-Pay, a payment infrastructure that will support smart contract functionality and digital wallet transfers. This system will be tightly integrated with the existing banking framework, aiming to facilitate seamless transactions between users without breaching national financial controls. The open-source code for RT-Pay will be available to the public, and cybersecurity oversight will be provided by CertiK.

Rostec plans to roll out the new stablecoin and payment platform gradually, targeting key industries and institutions first. This approach contrasts with the hype-driven strategies of many experimental crypto startups, opting instead for a more methodical and bureaucratic deployment. This initiative is part of Russia's broader exploration of blockchain technology, which includes the central bank's ongoing digital ruble pilot program. While Russia remains cautious about decentralized currencies, it is actively seeking to leverage blockchain for state-controlled digital finance.