• Russian state-run Rostec will launch a ruble-backed stablecoin, RUBx, on the Tron blockchain later this year.
  • The RUBx project includes a payment system called RT-Pay, designed to comply with Russian regulations and banking infrastructure.

Russian state-owned conglomerate Rostec announced plans to issue a new ruble-backed stablecoin, RUBx, later this year.

Built on the Tron (TRX) blockchain, RUBx will be backed 1:1 by ruble-denominated debt and audited by CertiK, an independent blockchain security firm.

The project’s code will be publicly available on GitHub, according to the company.

Rostec also plans to roll out a supporting payments infrastructure named RT-Pay. Designed to integrate with Russia’s existing banking systems, RT-Pay will enable digital payments, external wallet support, and smart contract integration.

The system will comply fully with Russian regulations, including guidelines from the Central Bank of Russia and anti-money laundering protocols.

The rollout will be led by Rostec itself and is scheduled for completion by the end of the year.

Sector-Specific Rollout and Financial Ecosystem Goals

Dmitry Shumaev, head of the RUBx project, noted that the platform’s introduction will be gradual.

"The new platform will be introduced in stages, taking into account the needs of various sectors of the economy, with particular attention to security issues and integration with the existing financial infrastructure," he said.

He also suggested that the platform could eventually support a broader range of financial services.

Rostec’s move to launch a stablecoin comes as the company remains under strict sanctions from the U.S., EU, and other countries in response to Russia’s 2022 invasion of Ukraine. Analysts say RUBx is part of a broader effort to sidestep these economic restrictions.

In June, the Agricultural Bank of Russia collaborated with the Central Bank to evaluate crypto-based payment solutions for grain exports.

Bank executive Irina Zhachkina described cryptocurrencies as a “practical alternative” under the current financial constraints.

Edited by Annette George