Russia's State-Supported Coin Plan: Expected to Launch This Year!

Russia is preparing to launch a state-supported stablecoin that will be pegged to the Russian ruble in the later part of this year.

One of Russia's leading state organizations, Rostec, known worldwide for its activities in the defense industry, has announced its own stablecoin project called RUBx. The token, developed to digitize the use of the ruble in the country, will be pegged at a 1:1 ratio to the Russian ruble and will be backed by ruble reserves held in special accounts controlled by Rostec.

According to information relayed by the Russian state news agency TASS, Rostec has chosen the Tron blockchain infrastructure for this project. The company also aims to ensure the transparency and security of the token by partnering with blockchain security firm CertiK. Rostec officials stated that the smart contract codes of the stablecoin will be shared as open source on the GitHub platform.

Rostec also announced the payment platform RT-Pay, developed alongside the stablecoin. RT-Pay will be directly integrated with the Russian banking system, allowing companies and citizens to conduct transactions 24/7 in seconds. Dmitry Shumayev, one of the project managers, noted that RUBx and RT-Pay will primarily be used in sectors that face significant challenges in payment transactions, and will gradually expand to other sectors.

Although Rostec has not yet fully disclosed the launch date of the project, it announced plans to make it available in the later part of this year. Recently, Russia has increased its interest in blockchain and crypto technologies by allowing a digital ruble pilot project and crypto-related financial products.