The Russian defence and technology conglomerate Rostec created digital tokens pinned to the ruble and developed its own payment platform.
The state-owned company said it would like to see tokens based on major blockchains listed on major cryptocurrency exchanges and added to popular wallets.
Rostec announces Tron-based Ruble tokens and new payment system
Russia’s Rostec, a leading developer and manufacturer of western-approved military, industrial and technical equipment, has announced a token launch called RUBX and a payment platform named RT-Pay.
The two were developed as part of a digital transformation strategy, creating a new financial ecosystem aimed at providing “safe and efficient” payments of all sizes to both businesses and individual users. The group argued in a press release. We will explain in more detail:
“RUBX is based on the Tron blockchain. Its code will be posted on GitHub and also verified by the independent international company Certik.”
Launched in 2017 by Chinese-born entrepreneur Justin San, Tron has gained popularity thanks to its high throughput and relatively low fees, the RBC said in its report. The network uses the TRC20 standard, and the best known tokens are tethers (USDTs) paged in the main Stablecoin, the US dollar.
The Rubx token is fixed to the Ruble, the Russian citizen Fiat. “Each ruble is backed by the true obligations of the ruble.?? He is legally fixed. The token and actual ruble ratio is one to one,” emphasized Alexander Nazarov, deputy director of Rostec.
Tokens should not be confused with the digital ruble, a new form of fiat currency issued by the Bank of Russia. The central bank’s testing with digital currencies began two years ago and according to the latest timetable released by financial authorities, CBDC should begin by September 2026.
Russia is making another move to bypass sanctions
It was clear that Rostec’s management was viewing the creation of a Rubx token and RT-Pay platform as a step towards strengthening the “digital financial sovereignty” of the Russian Federation. Nazarov explained in more detail:
“Digital devices are becoming an integral part of the economy, and our task is to provide the market with solutions that meet new requirements for reliability, security and technology independence.”
Facing an increase in financial restrictions imposed as part of Moscow’s invasion of Ukraine, Russian companies are restricting access to traditional financial channels in trade with overseas partners.
This has led to an increase in the use of cross-border settlements and payments by both businesses and citizens within the “experimental legal system” of such transactions.
However, using foreign silly idiotic things turned out to be a problem, as shown by Tether’s freeze of 2.5 billion rubles ($27 million at the time) in a wallet hosted by the Russian crypto exchange Garantex, authorized earlier this year.
In April, media reports revealed that the Russian Treasury Ministry was considering issuing Russian stables, like tethers, pinned to Fiat currency other than the US dollar.
The RT-Pay system is integrated into Russia’s existing banking infrastructure, allowing settlements with external digital wallets and smart contracts.
The plan is to start it this year and in stages taking into account the needs of various sectors of the Russian economy, Dmitry Shumaev, head of the RUBX project, stressed:
“Special attention will be paid to the integration of security issues with existing financial infrastructure. In the future, the ecosystem could be the basis for the entire scope of innovative financial services.”
That security is ensured by retaining a portion of the token in “cold” storage, while the rest is kept in a quick access wallet with multi-layered protection.
The state-owned enterprise believes the RT-Pay platform is fully compliant with Russian laws, including the requirements of the Russian Bank and anti-money laundering standards.
Users can buy and sell Rubx tokens via online portals, but Rostec, one of the first Russian entities approved shortly after the annexation of Crimea in 2014, believes it will eventually appear on major crypto exchanges and popular wallets.