Russia’s state-owned technology conglomerate Rostec has announced plans to launch RUBx. This is a fiat-backed stablecoin pegged 1:1 to the Russian ruble, expected to be launched later this year. Real ruble reserves will back the digital token, with each token representing a legally fixed claim on the Russian national currency.
The stablecoin is meant to be built on the Tron blockchain and aims to power the new RT‑Pay payment platform, marking a significant milestone in Russia’s digital transformation strategy. Its issuance and operation are by Rostec, a major player in Russia’s defense and technology sectors.
Furthermore, it is intended to provide both businesses and individuals with a secure, efficient, and transparent means of digital payment.
Payment Platform RT-Pay
The launch of RUBx is crucial to RT‑Pay, Rostec’s proprietary payment platform. RT‑Pay aims to integrate seamlessly with Russia’s existing banking infrastructure. The aim is to enable digital payments, settlements via smart contracts, and interaction with external digital wallets.
The platform stands out for:
- Integration with National Banking: RT-Pay will connect with Russian banks, enabling digital ruble transactions and settlements.
- Smart Contract Support: The platform will enable programmable payments and automated settlements, opening the door to innovative financial services.
- Phased Rollout: RT-Pay will be launched in stages. Initially, access via an online portal for both desktop and mobile users. There are also plans for a future listing of RUBx on major crypto exchanges and wallets.
- Enhanced Security: Part of the RUBx supply plans to be held in offline “cold” storage. Additionally, multi-layered wallet security will protect accessible tokens.
The move to create RUBx comes amid mounting Western sanctions and increasing restrictions on Russia’s access to global financial systems. Rostec’s RUBx and RT‑Pay ecosystem is moving toward becoming a cornerstone of Russia’s digital financial future.
With a focus on security, compliance, and technological independence, the project aims to set a new standard for state-backed stablecoins and digital payment platforms.
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