- Rostec launching RUBx stablecoin on Tron to expand Russia’s digital ruble.
- Each RUBx backed by real rubles; RT-Pay ensures smooth transactions.
- Staged RUBx rollout to modernize payments and strengthen Russia’s blockchain economy.
Russia’s state-owned conglomerate Rostec plans to launch a new stablecoin called RUBx later this year. This stablecoin will be pegged 1:1 to the Russian ruble. It will run on the Tron blockchain, a popular blockchain known for its speed and low transaction costs. Russian attempts towards ruble digitalization and ensuring the power of digital payment sources extend the introduction of RUBx.
Rostec Ensures RUBx Meets Russian Banking Laws
According to a local news report, Rostec stated that RUBx Tokens are fully backed by real rubles. This implies that one Russian ruble will be kept in reserve to each RUBx in circulation. Deputy General Director of Rostec Alexander Nazarov said that this support is legally ensured. He added that the system is to be introduced this year, with Rostec being its primary operator.
In order to make RUBx applicable in everyday life, Rostec also introduced a payment platform which will be known as RT-Pay. With the new stablecoin, RT-Pay will enable individuals and corporations to transact quickly and safely. It will become interlinked with the Russian banking system which already existed. Due to this, the users will be in a position to transfer funds to their bank accounts, external wallets, and smart contracts in a hassle-free manner.
Notably, RUBx will have its code turned open-source. Rostec intends to post it in GitHub so that it can be accessed publicly. Besides, the code will be audited by an independent cybersecurity company, CertiK. This additional measure is directed at establishing confidence in the system and making sure that it does not have any hidden weaknesses.
Rostec explains that RT-Pay will comply with every Russian law. This comprises, complying with the requirements of the central bank of Russia. It will also be equipped with a money laundering precaution and prevention and ensure that money is not used to finance terrorism. Following the national regulations, Rostec aspires to incorporate RUBx into a credible agent in the system of the national finances.
Rostec Plans Staged Rollout for RUBx and RT-Pay
The launch will not happen all at once. Instead, Rostec plans to roll out RUBx and RT-Pay in stages. This gradual introduction will assist the company in experimenting with the system and meet the demands of various sectors of the economy. One of the highest priorities during the rollout will be security. According to the RUBx project leader, Dmitry Shumayev, the novel ecosystem might serve as the basis of a plethora of new financial services in the future.
Along with the development of RUBx, Russia is also developing a digital ruble, which is a central bank digital currency. This demonstrates that Russia is interested in implementing blockchain technology and developing safe, state-regulated digital finance instruments. Although Russia remains suspicious of decentralized cryptocurrencies such as Bitcoin, it remains open to blockchain application of regulated, licensed digital currency.
Rostec is betting that RUBx will be an alternative to digital payments that is bank-supported wholly by the state. This may make the transactions quick, low-cost and safer to both business and human beings. RUBx and RT-Pay will be able to contribute towards the modernization of payment systems in Russia and assist in maintaining one of the largest countries as competitive players in the global digital economy, provided that they are successful.
At this point, all attention has been focused on Rostec as it continues with its strategy. The months ahead will help to understand how fast RUBx is going to be launched and how the individuals and businesses will embrace it. Provided a successful rollout, RUBx may play a significant part in a more digital future of the Russian ruble.
