Russia’s state-owned defense and technology conglomerate, Rostec, is poised to significantly advance the nation’s blockchain-based financial infrastructure with the planned launch of a ruble-pegged stablecoin and a proprietary digital payment platform by late 2025. This initiative underscores a strategic pivot towards indigenous technological solutions, aiming to bolster financial sovereignty amidst a complex geopolitical landscape and ongoing sanctions.
- Rostec targets a late 2025 launch for its ruble-pegged stablecoin (RUBx) and the RT-Pay digital payment platform.
- The RUBx stablecoin is designed to maintain a 1:1 peg against the Russian ruble and will be issued through RT-Pay.
- Development is reportedly on the Tron blockchain, with plans for a public GitHub release of its smart contract code and an audit by CertiK.
- Each RUBx token will be fully backed by verifiable ruble reserves, ensuring compliance with Russian financial supervision laws.
- RT-Pay will integrate with existing banking infrastructure, facilitating real-time settlements and smart contracts while adhering to AML/CTF regulations.
- A phased rollout strategy is planned, commencing with initial testing in critical industries to assess adoption and gather feedback.
The proposed digital currency, named RUBx, is designed to maintain a fixed 1:1 peg against the Russian ruble and will be issued through Rostec’s dedicated payment system, RT-Pay. According to a TASS report from July 3rd, the stablecoin is being developed on the Tron blockchain, with plans to publicly release its smart contract code on GitHub. The project also emphasizes transparency and security through a preliminary audit by blockchain security firm CertiK.
Alexander Nazarov, Deputy Chief Director at Rostec, affirmed that each RUBx token will be fully backed by verifiable ruble reserves, ensuring regulatory compliance and financial equivalency. This structure is intended to enable individuals and businesses to conduct digital ruble transactions across public blockchains while adhering to Russian financial supervision laws and protocols.
RT-Pay: Integrated Digital Payments
The companion platform, RT-Pay, is engineered for seamless integration with Russia’s existing banking infrastructure. It will facilitate real-time settlements, smart contract execution, and interoperability with external digital wallets. Rostec has stressed the system’s full compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations, as stipulated by the Russian Central Bank.
Dmitry Shumaev, the project lead, indicated a phased rollout strategy for the initiative. Initial testing will occur in critical industries to assess adoption rates and gather user feedback. Future expansions, contingent on market interest and institutional response, may encompass additional financial services and digital asset instruments. This measured approach reflects a broader national objective to cultivate domestic technological capabilities and lessen reliance on foreign financial systems, aligning with Russia’s intensified focus on developing a digital ruble amid persistent economic pressures.
Kate specializes in clear, engaging coverage of business developments and financial markets. With a knack for breaking down economic data, she makes complex topics easy to understand.