Rostec Embraces Crypto: Launches Ruble-Pegged Stablecoin on Tron

Rostec Ventures into Crypto with RUBx Stablecoin

Rostec, a major Russian state-owned conglomerate known for its defense industry contributions, is stepping into the cryptocurrency space with the launch of a ruble-pegged stablecoin, RUBx, and a payment platform, RT-Pay. The project is slated for release before the end of the year.

Key Features of RUBx and RT-Pay:

• Ruble Peg: Each RUBx token will be backed by one Russian ruble held in a treasury account.
• Centralized Issuance: Rostec will act as the sole issuer and operator of the RUBx token, ensuring value stability through legally binding ruble obligations.
• Tron Blockchain: The stablecoin will be built on the Tron blockchain, with the contract code to be published on GitHub and audited by CertiK.
• RT-Pay Integration: RT-Pay, the payment hub, will be directly integrated with Russia's existing banking infrastructure, enabling rapid transactions and smart contract capabilities.
• Regulatory Compliance: Rostec claims that RT-Pay complies with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, as well as the requirements of the Bank of Russia.

Phased Rollout and Broader Implications:

The project will be launched in phases, targeting sectors with high payment friction initially, before expanding to broader applications. This initiative aligns with Russia's increasing openness to cryptocurrency, exemplified by the central bank's authorization of crypto-linked instruments for qualified investors and the launch of crypto-related products by Sberbank and Moscow Exchange.

Key Takeaways:

• Rostec, a Russian state-owned entity, is launching a ruble-backed stablecoin called RUBx on the Tron blockchain.
• The stablecoin aims to provide a regulated and stable digital payment solution within Russia.
• This move highlights Russia's increasing adoption of cryptocurrency, potentially to circumvent Western sanctions.