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

The Russian government-backed tokenization platform Atomyze has issued its first digital asset backed by palladium in collaboration with the local bank Rosbank.
According to the announcement, the newly issued digital asset is the first digital financial asset (DFA) issued through Atomyze.
The platform obtained registration from the Bank of Russia in February 2022, becoming the country’s first legal digital asset manager.
The token will defeat the cryptocurrency, pushing it to the sidelines of the digital economy.
While both Atomyze or Rosbank refer to the new investment product technically as the “palladium token,” the product has characteristics of a stablecoin backed by precious metals.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.

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