Russian State Corporation Rostec to Launch RUBx Stablecoin and RT-Pay Platform on Tron: TASS

Russian state-owned manufacturing conglomerate Rostec, known for its involvement in the military-industrial complex, plans to introduce a ruble-pegged token called RUBx alongside a payment hub named RT-Pay before the end of the year. Each RUBx will represent one Russian ruble held in a treasury account, as reported by the state-owned news agency TASS. Rostec will be the sole issuer and operator of the token, ensuring its value through “real obligations in rubles” enshrined in law.

The token will be based on the Tron blockchain, and Rostec intends to make the contract code publicly available while collaborating with blockchain-security firm CertiK for an independent audit, according to the report. RT-Pay will integrate directly with the country’s banking infrastructure, allowing companies and individuals to transfer funds in seconds, even after business hours, or to secure funds in smart contracts.

Rostec claims that RT-Pay will comply with anti-money-laundering and counter-terrorism regulations, as well as adhere to Bank of Russia requirements. A phased rollout will initially target sectors with significant payment challenges, expanding thereafter, as stated by RUBx project representative Dmitry Shumayev.

This initiative coincides with Moscow’s exploration of a separate digital ruble issued by the central bank. The country has shown increasing interest in the cryptocurrency sector, with the Bank of Russia permitting institutions to offer crypto-linked instruments to qualified investors earlier this year. Russia’s largest bank, Sberbank, and the Moscow Exchange have also introduced products linked to bitcoin. Additionally, cryptocurrencies have been utilized to navigate Western sanctions on Russia’s oil trade, with reports indicating that some Russian oil companies have employed BTC, ETH, and various stablecoins to convert payments made in Chinese yuan and Indian rupees into rubles.