Russia's A7 Cross-Border Payment System Hits $140 Billion Turnover
Russia has successfully created the largest stablecoin not pegged to the US dollar through its A7 cross-border payment system, says Promsvyazbank (PSB) chairman Pyotr Fradkov.
A7 was launched in October 2024 as a response to US and EU sanctions imposed on Russia over the Ukraine conflict. The domestic payment system now services 2,000 money transfers daily and accounts for 20% of all foreign transactions by Russian companies.
Fradkov said that PSB takes great pride in A7 becoming 'the first to issue a stablecoin tied to the ruble' after making A7A5 available to its customers in September 2025. The turnover of A7A5 has reached nearly $140 billion since its inception.
A7A5 is tied to the Russian ruble at a one-to-one ratio, making it a type of cryptocurrency that aims to maintain a consistent value relative to a specified asset. Fradkov said that 'the total capitalization of all stablecoins is estimated at around $312 billion. About 99% of that is linked to dollar-denominated instruments.'