Russia to launch Its Own Ruble-backed Stablecoin, RT-Pay Payment Platform

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Russia’s state-owned technology giant Rostec is stepping into the digital finance space with big plans. The company is set to launch its stablecoin, called RUBx, and a new payment system named RT-Pay. Backed 1:1 by the Russian ruble, these tools aim to offer safe, legal, and fast digital transactions across the country.

RUBx to Be Backed by Real Rubles

RUBx is a stablecoin built on the Tron blockchain. Each token will be fully backed by real rubles, making its value equal to one ruble. Rostec, a key player in Russia’s military and tech industries, will be the only issuer and operator of RUBx. This gives it full control over the token’s management and legal stability.

Deputy General Director of Rostec, Alexander Nazarov, confirmed that the token’s value is secured by actual debt obligations in rubles, according to Russian law. This ensures RUBx is tied directly to the country’s currency in a transparent and trustworthy way.

RT-Pay Platform For Fast, Digital Transactions

Along with RUBx, Rostec will also launch RT-Pay, a new digital payment platform that works with both individuals and businesses. The platform will be connected to the existing banking system, allowing easy movement of money using digital wallets and smart contracts.

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RT-Pay will follow all Russian financial rules, including anti-money laundering laws and regulations from the Central Bank. 

The platform’s code will be made public on GitHub, and it will be audited by global security firm CertiK to ensure its safety and reliability.

Russia Bets on Blockchain

According to project lead Dmitry Shumayev, the launch will happen in stages to meet the needs of different sectors of the economy. Special focus will be placed on security and integration with current financial systems.

The initiative arrives as Russia also explores its own central bank digital currency (CBDC), the digital ruble. 

Together, these moves show the country is rapidly embracing blockchain technology to modernize its financial services.

[article_inside_subscriber_shortcode title=”Never Miss a Beat in the Crypto World!” description=”Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.” category_name=”News” category_id=”6″] FAQs What are RUBx and RT-Pay, and what is their purpose in Russia?

RUBx is a new stablecoin launched by Russia’s state-owned Rostec, backed 1:1 by the Russian ruble and built on the Tron blockchain. RT-Pay is a new digital payment platform that will work with RUBx. Both aim to offer safe, legal, and fast digital transactions for individuals and businesses across Russia.

How is the RUBx stablecoin backed, and who will issue it?

RUBx is fully backed 1:1 by real Russian rubles, with its value secured by actual debt obligations in rubles under Russian law. Rostec, a major Russian technology giant involved in military and tech industries, will be the sole issuer and operator of RUBx, ensuring centralized control and legal stability.

How does the launch of RUBx and RT-Pay relate to Russia’s digital ruble project?

The launch of RUBx and RT-Pay are part of Russia’s broader strategy to embrace blockchain. While RUBx is a stablecoin issued by Rostec, Russia is also actively exploring its own central bank digital currency (CBDC), the digital ruble. Together, these initiatives aim to modernize and digitalize Russia’s financial infrastructure.