- Rostec will launch a ruble-pegged RUBx token on Tron that is fully compliant with Russian regulations.
- RUBx stablecoin is backed 1:1 by rubles, with the CertiK audit and GitHub code release confirmed.
- Rostec aims to bypass SWIFT sanctions using blockchain-based RT-Pay and stablecoin systems.
Russian state-owned conglomerate Rostec has announced plans to launch a stablecoin pegged to the ruble called RUBx, and a payment platform named RT-Pay. The release comes amidst increasing efforts in Russia to implement blockchain technology in state-approved financial services and ongoing pilot projects to issue a central bank-issued digital ruble.
RUBx will run on the Tron blockchain. The token will be issued and operated by Rostec as a single issuer. As stated in the announcement on July 3, each RUBx token will be backed 1:1 with rubles held in a treasury account.
The stablecoin’s infrastructure project will allow source code to be open-sourced on GitHub. Furthermore, to further safeguard the project’s security and transparency, CertiK, an international blockchain auditing company, will be employed to conduct an independent audit.
Deputy General Director Alexander Nazarov says that every token will be supported by “real obligation in rubles” and backed by funds held in treasury accounts. The launch is scheduled for later this year and aims to deliver quick, regulated digital payment services to both commercial and retail consumers in Russia.
RT-Pay to Integrate with National Banking Infrastructure
The RT-Pay framework aims to seamlessly bridge decentralized payment systems with the traditional banking infrastructure. The company stressed that the project is in full compliance with the regulatory guidelines issued by the Russian Central Bank. It is also compliant with national anti-money laundering (AML) and counter-terrorist financing (CTF). According to Nazarov, RUBx will offer a secure and legal tool for financial transactions in Russia’s digital economy.
Rostec also stated that the RT-Pay system will be tied to the country’s existing banking infrastructure. The integration will allow payment settlement, the availability of smart contracts, and compatibility with cryptocurrency wallets. Additionally, it will enable trade beyond regular banking hours and ease friction in high-volume payment sectors.
Rostec stressed that the project will allow safe, national digital payments without dependence on overseas financial infrastructure. The platform is consistent with recent national efforts to achieve independence from global messaging networks like SWIFT.
Also Read | First Bank to Offer Ripple’s RLUSD Stablecoin: Swiss AMINA Launches Custody and Trading
Digital Assets Emerge as Strategic Tools Amid Sanctions
The initiative follows Russian industries that are increasing their dependence on digital assets. Due to international sanctions, state-supported enterprises have resorted to blockchain to facilitate trade settlements and financial activities.
Since June 2022, the company has been subject to U.S. and EU restrictions for participating in Russia’s defense sector and the war in Ukraine. Moreover, the sanctions have restricted access to international financial channels such as SWIFT.
Analysts consider RUBx and RT-Pay strategic tools to overcome these restrictions. The Russian central bank was an early proponent of replacing SWIFT with financial alternatives such as digital rubles and blockchain-based payment solutions. The central bank is pursuing an independent digital ruble pilot, whereas the Rostec stablecoin is an asset-backed, practical digital payment.
State-Backed Crypto Integration Grows Across Russian Sectors
The company joins other state-owned Russian institutions that are adopting similar steps. Sberbank, the largest bank in Russia introduced over-the-counter products tied to Bitcoin and ruble exchange rates.
In addition, the Russian agricultural bank has partnered with the central bank to explore cryptocurrency-based grain exports. Meanwhile, companies like Gazprom and Rostelecom have listed their blockchain-based financial assets on local exchanges.
The introduction of RUBx and RT-Pay indicates a concerted effort in the Russian industry to develop blockchain native financial infrastructure with complete regulatory oversight, providing a new model to sanctioned economies seeking to retain the ability to trade and to transact.
Also Read | Stablecoins’ $253.7 Billion Breakthrough: Is Crypto’s Future Finally Secure?