Russian Firm Rostec Set to Launch its Stablecoin RUBx Token This Year

In an era marked by rapid and evolving financial positions, the integration of blockchain technology with traditional fiat currencies is becoming an increasingly significant global trend.

Interestingly, Russia’s state-owned conglomerate, Rostec, has recently unveiled ambitious plans to enter this burgeoning digital asset space with the forthcoming launch of RUBx, a fiat-backed stablecoin.

Scheduled for release later this year, RUBx is poised to operate on the robust Tron blockchain and will be pegged at a one-to-one ratio with the Russian ruble. This initiative, spearheaded by Rostec through its RT-Pay payment platform, aims to promote the digitization of the ruble, providing a secure and legally compliant framework for financial transactions for both corporate and individual users.

Rostec to Launch Stablecoin

Rostec has positioned RUBx not merely as a digital token but as a meticulously designed vehicle for monetary transactions, emphasizing its complete adherence to Russian legal frameworks. According to statements from Rostec, the platform will meticulously comply with the stringent requirements set forth by the Central Bank of Russia.

Furthermore, Rostec has placed significant emphasis on incorporating comprehensive measures to combat money laundering and the financing of terrorism, aligning with international standards for financial integrity. This commitment to regulatory compliance underscores Rostec’s intention to establish a credible and secure digital asset ecosystem.

Alexander Nazarov, Deputy General Director of Rostec, explained the basic idea behind RUBx, stating:

Each RUBx is backed by real obligations in rubles. This is legally fixed. The token to real ruble ratio is one to one. Plans are to launch the system this year, with Rostec serving as its operator.

The RT-Pay system will support the RUBx ecosystem and integrate with the broader banking system. This connection will allow easy digital payments and work with other digital wallets and smart contracts.

The Stablecoin Channel

Tron excels at handling a large number of users, processing transactions quickly, and providing developers with ease of use. The firm noted that utilizing the Tron blockchain for RUBx is essential because these features enable an extensive payment system to function effectively.

To be open and honest, Rostec will share the RUBx code on GitHub. CertiK, a renowned company specializing in blockchain security, will also conduct the review. These steps are crucial to ensure the token and its smart contracts are secure and function correctly.

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