Russia to issue its first-ever palladium-backed stablecoin via Atomyze

The Russian company Atomyze, which benefits from a license issued by the Central Bank of Russia, will launch a token backed by the price of palladium. The latter was developed in collaboration with Nornickel, a Russian metals giant owned by Vladimir Potanin, for whom these digital assets have the ability to dethrone cryptocurrencies.

Russia will launch its first stablecoin via Atomyze

Atomyzethe first Russian company in the blockchain sector to have obtained a license from the Central Bank of Russialaunched the first palladium-backed token. According to the statement, this is the company’s first structured digital financial asset.

This new token will be insured by the palladium of the Russian giant nornickelthe world’s leading producer of nickel and palladium, which provides 3/4 of world production. Palladium is a rare metal, used in particular for catalytic converters, dental alloys and also in the jewelery sector.

According Vladimir Potaninthe main shareholder of Nornickel, but also considered the most powerful Russian oligarch in the country, ” the era of tokenization promises a new tomorrow:

“This is a truly significant event. Russian companies and individuals have the opportunity to invest in this metal. »

Atomyze, for the creation of this new token, is supported by Rosbanka subsidiary of Société Générale recently acquired by questionsa holding company co-founded by Vladimir Potanin.

The Russian universal bank thus becomes Atomyze’s first partnerand its first investor alongside the broker Vector X.

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Tokens backed by physical values, better than cryptocurrencies?

The issuance of the token will be ensured by GPF Investments, an international fund specializing in precious metals. According to its managing director, Vladimir Pronskyinvestment in metals is experiencing a high increase :

“The investment attractiveness of the platinum group of metals, and palladium in particular, is confirmed by the growing global demand. Being a precious metal, and in fact an industrial metal, palladium is present in all high-tech productions. The CFA for this metal, in our opinion, seems to be a very promising financial product for investment. »

For Vladimir Potanin, these tokens backed by physical products, such as metals, have enough advantages to be able to relegate cryptocurrencies :

“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. »

The “palladium token” will be backed by the price of the palladium, and in effect becomes a stablecoin backed by the price of a physical product, in the same way as the Tether Gold (XAUT), for example, although the term stablecoin is not mentioned in the release.

👉 Read also: Vladimir Putin signs the law prohibiting the use of cryptocurrencies as a means of payment

published by editions Larousse

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Source: Rosbank

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