Russia Debuts Palladium-Backed Stablecoin
Russian government-backed cryptocurrency platform Atomyze in partnership with Rosbank, issues the first digital asset backed by palladium.
Russia’s famous bank Rosbank has officially become a partner of blockchain company Atomyze to issue the first palladium-backed digital asset called “palladium token.” The platform was approved in February 2022 to become the country’s first legal digital asset manager.
According to the report, both Atomyze and Rosbank are backed by Interros – a powerful Russian investment group co-founded by financier Vladimir Potanin.
Vladimir Potanin said the palladium token launch event was significant, marking a new turning point for the Russian economy – the era of cryptography. He also expressed confidence that digital financial assets issued by Atomyze will sooner or later defeat cryptocurrencies like Bitcoin (BTC). He declared:
“Unlike cryptocurrencies […] industrial and other tokens are backed by physical assets, and the use of blockchain technology makes their transactions reliable, convenient and transparent. The token will defeat the cryptocurrency, pushing it to the sidelines of the digital economy.”
Despite being called a “palladium token,” the product has the characteristics of a stablecoin pegged to precious metals. Rosbank can convert them back to cash corresponding to the market value of the palladium.
The biggest global stablecoin issuers like Tether and Paxos launched gold-backed stablecoins a few years ago.
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