- Rostec’s RUBx stablecoin fully backed by Russian rubles
- RT-Pay platform to manage the stablecoin
- CertiK auditing the smart contract pre-launch
Rostec’s stablecoin launch highlights the growing trend of digital currencies tied to government-backed fiat.
Rostec announced the upcoming launch of RUBx, a ruble-pegged stablecoin on the Tron blockchain. The initiative will involve management through an in-house platform called RT-Pay. Each RUBx token is backed by Russian rubles, ensuring compliance with local regulations.
Alexander Nazarov, Deputy General Director, Rostec, “The corporation will manage the asset through an in-house platform called RT-Pay … each coin carries a legal claim to an equivalent amount of currency, providing companies and individuals with a means to transfer rubles on public rails while meeting domestic compliance requirements.”
Alexander Nazarov, Deputy General Director of Rostec, emphasized that the stablecoin aims to simplify digital ruble transactions. Led by Dmitry Shumayev, the RUBx project plans to publish its code on GitHub and undergo a CertiK audit before launch.
The release of RUBx is anticipated to facilitate domestic transactions and enhance the digital economy’s infrastructure. It is not expected to immediately impact global markets but may affect local financial practices.
Rostec assures compliance with anti-money laundering regulations, following Russian Central Bank guidelines. Immediate effects on the ruble’s stability or the broader financial market remain speculative, pending integration and adoption.
Industry observers compare RUBx to similar initiatives like China’s Digital Yuan. If successful, such projects might encourage broader adoption of state-backed digital currencies. Future trends could include enhanced on-chain liquidity and a shift in local financial ecosystems.
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