Russian defense and technology conglomerate Rostec has created a digital token pegged to the ruble and developed a proprietary payment platform.
The state-owned corporation said it hopes to see the token, which is based on a major blockchain, listed on leading cryptocurrency exchanges and added to popular wallets.
Rostec unveils Tron-based ruble token and new payment system
Russia’s Rostec, a major developer and manufacturer of military, industrial, and technological equipment sanctioned by the West, has announced the launch of a token called RUBx and a payment platform named RT-Pay.
The two have been developed as part of its strategy for digital transformation and form a new financial ecosystem meant to provide both companies and individual users with “safe and efficient” payments of any scale, the group insisted in a press release. It also detailed:
“RUBx is based on the Tron blockchain. Its code will be posted on GitHub, and it will also be verified by the independent international company CertiK.”
Tron, launched by Chinese-born entrepreneur Justin Sun in 2017, has won its popularity thanks to a high throughput and relatively low fees, RBC remarked in a report. The network uses the TRC20 standard, and the best-known such token is the leading stablecoin, the U.S. dollar-pegged Tether (USDT).
The RUBx token is pegged to the Russian national fiat, the ruble. “Each RUBx is backed by real obligations in rubles. Тhis is legally fixed. The token to real ruble ratio is one to one,” emphasized Alexander Nazarov, deputy director general of Rostec.
The token should not be confused with the digital ruble, the new form of legal tender issued by the Bank of Russia. Trials with the central bank digital currency started two years ago, and according to the latest timetable announced by the monetary authority, the CBDC should be launched by September 2026.
Russia makes another move to bypass sanctions
Rostec’s management was clear that it views the creation of the RUBx token and the RT-Pay platform as a step towards strengthening the Russian Federation’s “digital financial sovereignty.” Nazarov elaborated further:
“Digital instruments are becoming an integral part of the economy, and our task is to offer the market a solution that meets the new requirements for reliability, security and technological independence.”
Facing mounting financial restrictions, imposed as part of sanctions over Moscow’s invasion of Ukraine, Russian companies have been dealing with limited access to traditional financial channels in their trade with partners abroad.
This has led to a growing use of cryptocurrencies, stablecoins in particular, in cross-border settlements and payments by both businesses and citizens within an “experimental legal regime” for such transactions.
However, using foreign stablecoins has proved problematic, as shown by Tether’s freezing of 2.5 billion rubles’ worth of USDT ($27 million at the time) in wallets hosted by the sanctioned Russian crypto exchange Garantex earlier this year.
In April, media reports revealed that the Russian finance ministry considers issuing a Tether-like Russian stablecoin pegged to a fiat currency other than the U.S. dollar.
The RT-Pay system will be integrated into Russia’s existing banking infrastructure, while allowing for settlements with external digital wallets or smart contracts.
The plan is to launch it this year and in stages, taking account of the needs of various sectors of the Russian economy, said the head of the RUBx project, Dmitry Shumaev, who also highlighted:
“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, the state-run corporation assured.
Users will be able to buy and sell the RUBx token through an online portal, but Rostec, which was among the first Russian entities sanctioned right after the annexation of Crimea in 2014, believes it will eventually appear on major crypto exchanges and in popular wallets.
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