‘Token will defeat cryptocurrency’: Russia debuts palladium-backed stablecoin

‘Token will defeat cryptocurrency’: Russia debuts palladium-backed stablecoin

Atomyze, a Russian government-backed tokenization platform, has created its first digital asset with palladium backing in collaboration to Rosbank.

Rosbank announced officially on July 18th that it was the first partner in the Russian blockchain company Atomyze. It also acted as an investor for Russia’s first digital asset transaction with palladium.

The announcement states that the new digital asset has been issued by Atomyze. In February 2022, the platform was registered with the Bank of Russia and became the first legal digital asset manager in the country.

Interros, a Russian investment and conglomerate that was co-founded with sanctioned oligarch Vladimir Potanin, has backed Rosbank and Atomyze. Nornickel, the CEO of Russian nickel and palladium mining companies and smelting companies, originally announced plans for tokenizing palladium in 2019, through a Swiss-based palladium fund.

Interros announced that Atomyze would be a key component of Interros’ digital ecosystem, which includes Potanin’s newly acquired private bank Tinkoff and software engineering firm Reksoft.

“This is an extremely significant event. Potanin stated that Russian individuals and businesses have the chance to invest in the metal. This event marks the beginning of a new period in Russia’s economy, the “era for tokenization,” Potanin noted.

Related: Bank of Russia rejects private stablecoins within the country

Potanin expressed his confidence that Atomize’s digital financial assets, such as the palladium token, will soon replace cryptocurrencies like Bitcoin (BTC), and stated:

Contrary to cryptocurrencies […]industrial and other tokens, they are backed with physical assets and use blockchain technology to make their transactions reliable and convenient. The token will eliminate cryptocurrency and push it to the margins of the digital economy.

Although Atomyze and Rosbank call the new investment product the “palladium token”, the product is backed by precious metals and has the characteristics of a stablecoin. Rosbank will be entitled to a cash claim equal to the palladium market value, the bank announced in its announcement.

Cointelegraph previously reported that major stablecoin issuers worldwide, such as Tether and Paxos, launched gold-backed stablecoins several years ago.

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