Russian Rosbank Announces Stablecoin Debut Backed By Palladium

According to an official announcement by Russian bank Rosbank, Atomyze has issued its first digital token, the "palladium token." This is the first Russian token to be backed by palladium. Atomyze is the blockchain firm in charge of legally creating and managing the digital asset in collaboration with Rosbank. The registration was obtained from The Bank of Russia in February 2022, when Atomyze became the country's first legal digital asset manager. 

Interros backed both Rosbank and the Atomyze platform. Interros is a Russian investment firm co-founded by an oligarch named Vladimir Potanin. He is also the CEO of Nornickel, a palladium mining and smelting company with operations in Norilsk, northern Siberia. Nornickel first tried tokenizing palladium in 2019 through a Switzerland-based fund. 

According to a recent Interros announcement, Atomyze will serve as a critical element in the digital ecosystem, which includes private bank Tinkoff, local bank Rosbank, and engineering firm Reksoft. Potanin noted that having the opportunity to invest in this metal is a significant event for individuals and businesses and that Russia's economy is entering an "era of tokenization". He compared BTC and other tokens with the "palladium token," saying that they lack backing from physical assets, like palladium.

A few years ago, other significant stablecoins like Tether and Paxos also debuted as metal-backed (gold) stablecoins.

Author: Garrett Meifert

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