State-owned Rostec is actively working on the introduction of new digital financial tools, including the RUBx stablecoin and RT-Pay payment system, aiming to modernize financial services in Russia.
RUBx Stablecoin
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 will be the sole issuer and operator of RUBx, allowing it to control token management and ensuring legal stability. Alexander Nazarov, Deputy General Director of Rostec, confirmed that the token's value is secured by actual debt obligations in rubles, according to Russian law.
RT-Pay Platform for Digital Payments
Along with RUBx, Rostec will 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. 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 will be audited by global security firm CertiK.
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. This 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.
The launch of the RUBx stablecoin and RT-Pay payment system highlights Russia's commitment to adopting modern financial technologies, which could reshape both corporate and personal finance landscapes in the country.
