Russian State Giant Rostec Plans Ruble-Pegged Stablecoin, Payment Platform on Tron: TASS
Russia’s state-owned Rostec, a major player in the country’s military-industrial complex, is developing a ruble-pegged token, RUBx, and a payment platform, RT-Pay, scheduled for launch before the year’s end. This initiative marks a significant step in Russia’s engagement with blockchain technology and digital finance.
RUBx will be a 1:1 representation of the Russian ruble, held in a treasury account managed by Rostec. The token’s value will be directly linked to real ruble obligations, legally enshrined. Unlike many cryptocurrencies, RUBx will not operate on a decentralized network; instead, it will be issued and operated solely by Rostec, based on the Tron blockchain. Transparency is intended through the publication of the contract code on GitHub, coupled with an independent security audit by CertiK.
The RT-Pay platform is designed for seamless integration with Russia’s existing banking infrastructure. This integration promises rapid, 24/7 money transfers and the facilitation of smart contract-based fund locking. Rostec emphasizes RT-Pay’s compliance with anti-money laundering and counter-terrorism regulations, alongside adherence to Bank of Russia requirements.
The launch strategy will involve a phased rollout, prioritizing sectors grappling with significant payment inefficiencies. This approach will allow for controlled expansion and iterative improvements. The RUBx project, spearheaded by Dmitry Shumayev, coincides with the ongoing development and testing of the central bank digital ruble (CBDC) by the Bank of Russia.
This move reflects Russia’s evolving approach to digital assets. Earlier this year, the Bank of Russia authorized institutions to provide crypto-linked instruments to eligible investors, and major financial players like Sberbank and Moscow Exchange have already introduced bitcoin-related products. Furthermore, reports indicate that cryptocurrencies, including Bitcoin, Ethereum, and stablecoins, have been utilized to circumvent Western sanctions imposed on Russia’s oil trade, facilitating transactions in yuan and rupees, ultimately converted to rubles. The introduction of RUBx and RT-Pay signifies Russia’s continued exploration of blockchain technology for domestic financial innovation and as a potential tool in navigating global sanctions.
