The Russian state technology conglomerate, Rostec, has announced the launch of RUBx, a new stablecoin linked to the ruble, and RT-Pay, a digital payment platform. Both initiatives are scheduled to be launched by the end of 2025 and will operate on the Tron blockchain.
RUBx will be backed 1:1 by the Russian ruble and aims to facilitate secure and efficient transactions for both businesses and individuals. This initiative represents a significant step in Russia's pursuit of digital financial sovereignty, especially in the context of Western sanctions.
Unlike the digital ruble from the Central Bank, RUBx will offer greater flexibility by allowing external wallets and smart contracts. RT-Pay, for its part, will integrate with the Russian banking system, ensuring compliance with anti-money laundering laws and Central Bank regulations.
To ensure transparency and security, Rostec has reported that the platform code will be open source, audited by CertiK, and published on GitHub.
According to Alexander Nazarov, Deputy General Director of Rostec, each RUBx token will be legally linked to obligations in rubles, ensuring its stability. The project aims to digitize transactions in rubles and reduce dependence on foreign stablecoins, such as Tether, which recently froze assets linked to Russia. This initiative aligns with Russia's broader exploration of blockchain-based payment systems to circumvent global financial restrictions.$USDC $BTC $XRP
