Sanctioned Russian Firm Rostec Utilizes Tron-Based RUBx Stablecoin to Avoid Banks

Rostec, a prominent defense conglomerate owned by the Russian state, has discovered a method to circumvent conventional banking systems. It has announced plans to launch its RUBx stablecoin in conjunction with RT-Pay, a dedicated platform tailored for cryptocurrency transactions.

The RUBx token, which is pegged 1:1 to the Russian ruble, will operate on the TRON blockchain network.

In a statement released on July 3, Rostec indicated that both the stablecoin and RT-Pay platforms would serve as secure payment solutions for businesses and individual users.

Russia’s state-owned conglomerate Rostec intends to introduce a fiat-backed stablecoin named RUBx later this year, built on the Tron blockchain. RUBx will maintain a 1:1 peg to the Russian ruble and aims to promote the digitization of the ruble through the RT‑Pay payment platform.…

— Wu Blockchain (@WuBlockchain) July 4, 2025

Why the RUBx Stablecoin Could ‘Kill SWIFT’ for Russian Payments Despite US Sanctions

Rostec claims that the platform operates in full accordance with Russian regulatory standards, including Central Bank mandates and anti-money laundering measures aimed at preventing the financing of terrorism.

“Each RUBx token is backed by legitimate ruble-denominated obligations. This support is legally guaranteed. The token maintains a one-to-one relationship with the actual ruble. We plan to implement the system within this year, with Rostec serving as the main operator,” stated Rostec Deputy General Director Alexander Nazarov.

Since June 2022, Rostec has been subject to extensive US sanctions imposed following Russia’s military actions in Ukraine.

These sanctions, enforced by various countries, including the United States and the European Union, target Rostec’s subsidiaries and associated entities.

The restrictions aim to curtail Russia’s military production capabilities and its ability to manufacture weapons.

Industry analysts have described the RUBx stablecoin initiative as Russia’s strategic effort to bypass SWIFT, the global financial messaging system overseen by G-10 central banks, including the United States.

This perspective is reinforced by the fact that Russia’s Central Bank has explicitly stated in recent years that its main goal in developing a digital ruble is to provide Russian businesses and financial institutions with “independence from SWIFT.”

Russia’s ‘Crypto Shift’: State-owned Firms Use Blockchain To Beat Dollar Dominance

Concerning the upcoming RUBx stablecoin, Rostec confirmed that the RT-Pay platform will integrate with the existing banking infrastructure, facilitating digital payment processing and interaction with external cryptocurrency wallets and smart contracts.

The RUBx token, developed on Justin Sun’s TRON blockchain, will have its source code publicly accessible on GitHub and will undergo verification and security auditing by CertiK, an independent international blockchain security firm.

Russia also seems to be increasingly adopting cryptocurrency as a means to navigate international sanctions.

Recently, the Russian Agricultural Bank (RusAg) announced its collaboration with the Bank of Russia to explore digital asset-based payment solutions for grain export transactions.

Russia is investigating methods to utilize cryptocurrencies for settling grain export payments, as the nation seeks to circumvent Western sanctions.#Russia #Cryptohttps://t.co/zCSTnCTLEJ

— Cryptonews.com (@cryptonews) June 2, 2025

Irina Zhachkina, RusAg’s First Deputy CEO, described cryptocurrencies as a “practical alternative instrument” for international payments, especially as sanctions continue to limit Russia’s access to traditional financial systems.

Russian grain exporters are experiencing increasing challenges from restrictions affecting logistics, shipping insurance, and access to the SWIFT banking network.

These limitations have made it progressively more difficult for Russian companies to conduct transactions in US dollars or euros.

Both the RUBx stablecoin initiative and grain settlement strategies build upon Russia’s prior experiences using cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) for oil trade settlements with China and India.

China and Russia are reportedly utilizing Bitcoin to settle energy trades, indicating a significant shift in global trade dynamics and efforts towards de-dollarization.#Bitcoin #Energyhttps://t.co/UVJDN4rZSv

— Cryptonews.com (@cryptonews) April 10, 2025

State-owned enterprises are concurrently developing their own blockchain services.

For instance, in March, Gazprom, the majority-state-owned energy giant in Russia, launched a series of tradable blockchain-powered “digital financial assets” (DFAs).

Similarly, Rostelecom, the largest telecommunications and digital services provider in Russia, issued two proprietary DFAs on the Moscow Exchange earlier that month.

Moreover, Russia appears to be utilizing cryptocurrency and Distributed Ledger Technology (DLT) as countermeasures against international sanctions.

In May, Russian media outlet RBC reported that the central bank had established regulatory guidelines governing the use of cryptocurrency by Russian companies in international trade agreements.

These regulations stipulate that digital currencies “must not be linked to securities issued by hostile issuers” and highlight the importance of engaging with projects that have a presence in “friendly countries.”

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