Russia’s industrial powerhouse Rostec to launch ruble-backed token on Tron

Key Takeaways

Rostec is preparing to launch a ruble-backed token, RUBx, on the Tron blockchain.
The RT-Pay payment platform will integrate RUBx with current banking infrastructure, complying with Russian regulations.

Rostec, Russia’s military-industrial behemoth, is set to roll out a ruble-backed stablecoin and a digital payment platform by the end of this year, TASS has reported. The token will be issued on the Tron blockchain.

The initiative targets both individual and enterprise users. The goal is to establish a secure, compliant, and blockchain-integrated system for digital transactions within the Russian financial ecosystem.

Built on Tron, a blockchain known for its high throughput and popularity for low-cost transactions, the stablecoin, dubbed RUBx, is 1:1 backed by fiat rubles, according to Alexander Nazarov, Deputy General Director of Rostec. The state-run Russian corporation will be its operator.

RUBx will be fully open source, with code published on GitHub. CertiK, a globally recognized smart contract auditing firm, will verify the code.

The digital payment platform, called RT-Pay, will integrate with existing banking infrastructure to enable digital payments and interactions with external wallets and smart contracts.

Dmitry Shumayev, head of the RUBx project, said the new platform would be rolled out in stages, with development tailored to the needs of different sectors of the economy.

He noted that particular emphasis would be placed on security and integration with existing financial infrastructure, and suggested the ecosystem could eventually serve as the foundation for a range of innovative financial services.