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Rostec Launches RUBx Stablecoin and RT-Pay to Power Digital Transactions

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Highlights:

  • Rostec has introduced a stablecoin, RUBx, pegged to the Russian ruble, and a payment platform, RT-Pay.
  • RUBx is built on the Tron blockchain and verified by CertiK.
  • The platform supports digital payments and integrates with Russia’s banking system.

Rostec, a Russian state-owned tech corporation, has launched its own state-run stablecoin and payment platform. As per the press release, the new token, which is referred to as RUBx, is pegged to the Russian ruble and runs on the Tron blockchain. RT-Pay will be a payment platform that will facilitate payments on behalf of individuals and businesses.

This move aligns with Rostec’s digital transformation strategy. The company intends to provide a safe and effective digital payment infrastructure. The deployment involves a robust validation procedure. The code will be audited by an international company, CertiK, to be transparent and secure. In contrast to the digital ruble of the central bank, RUBx is more accessible. It interacts with other smart contracts and digital wallets. Simultaneously, it does not violate Russian legislation and banking standards in any way.

RT-Pay Platform to Integrate with Russian Banking

RT-Pay will be directly incorporated into Russia’s traditional financial system. It enables them to make transactions both in rubles and in digital currency. This dual capability helps in closing the gap between centralized finance and blockchain-based systems.

Part of the token reserves will be stored offline using cold wallets. The rest will be left online, though, with multi-layered protection. Such a security configuration builds trust in the user and alleviates online threats. In addition, the platform will be available to users via a mobile and desktop-ready web portal. In the long term, RUBx stablecoin will become listed on large exchanges and wallets, raising its availability and liquidity. Moreover, Rostec plans to implement the RT-Pay system in stages, where various economic areas will be targeted.

Rostec Positions Itself Against Sanctions and for Digital Sovereignty

The stablecoin strategy of Rostec is considered to be a move towards financial independence. Western sanctions have been imposed on the company because of its involvement in the defense industry. However, RUBx may present an additional form of payment in limited financial settings.

The RUBx stablecoin maintains a strict one-to-one backing with the Russian ruble, with legal structures set to confirm this peg. This transparency complies with the demands of the Russian Central Bank and anti-money laundering practices. Due to the restricted access to traditional payment systems, Russian companies are becoming open to using digital currencies. Earlier projects involving foreign stablecoins did not succeed. Rostec has a domestic alternative now that can evade international freezes or restrictions.

In addition, the new ecosystem facilitates better cross-border transactions. It might also prepare the ground for additional blockchain-based financial services in Russia. The flexible structure of RT-Pay enables the incorporation of various financial tools and smart contracts. Russia is still developing its crypto ecosystem. The central bank has offered a staged incorporation of digital assets to banks with restricted access to qualified investors only. Furthermore, Sberbank and the Moscow Exchange launched instruments linked to Bitcoin, highlighting a shift toward blockchain-based finance.

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