Russia’s Rostec Launches stablecoin and Payment Platform
Russia’s tech giant, Rostec, is stepping into the stablecoin arena.The state-owned company plans to introduce its stablecoin, RUBx, and a payment platform called RT-Pay. This move aligns with global trends as countries worldwide embrace stablecoins.
On July 4, Rostec revealed its intention to launch RUBx this year. This stablecoin will be tied to the Russian ruble, ensuring stability. It will run on the TRON blockchain, offering a secure way for transactions. RUBx will be backed by the ruble,providing a 1:1 value match.The stablecoin aims to simplify transactions for businesses and individuals. RUBx will operate on the TRON network, known for its efficiency and speed. The stablecoin will be supported by real rubles, ensuring users get the same value as the physical currency. The RT-Pay platform will facilitate stablecoin payments, making financial transactions smoother.
RT-Pay will integrate with Russia’s banking system.Users can store funds in self-custody wallets and interact with decentralized finance. RUBx will be fully compliant with Russian crypto laws. Anti-money laundering and anti-terrorist financing measures will be in place. This initiative supports Russia’s push for crypto regulation.
RT-Pay will comply with Russian crypto laws. It will include anti-money laundering checks and block terrorist-linked wallets.
RT-Pay will be rolled out in phases, catering to different economic sectors. Security and integration with existing financial systems are top priorities. The platform could lead to new financial services in the future. This initiative reflects Russia’s growing interest in regulating and integrating crypto into its economy. while individuals can trade digital assets, using them for payments remains prohibited.
