Russia-based bank Rosbank has partnered with 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 Russian investment group co-founded by financier Vladimir Potanin. 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.

Global stablecoin issuers like Tether and Paxos have launched gold-backed stablecoins a few years ago.