Russia's Ruble-Backed Stablecoin A7A5 Sees $140 Billion in Turnover

Russia's ruble-backed stablecoin A7A5 has seen nearly $140 billion in turnover since its launch in February 2023, according to its sponsor bank PSB. The coin is part of the A7 settlement infrastructure, a cross-border payments platform with 15,000 regular customers and up to 2,000 daily transactions.

A7A5 was initially issued out of Kyrgyzstan by Old Vector but is now used as a tool for sanctioned Russian defense banks like PSB. The coin's turnover is not an indication of value held, and the figure comes from an unaudited claim made by PSB.

The A7 settlement infrastructure has been growing in importance, especially after Alfa Bank launched its own crypto cross-border payment service in July. The new legal framework for digital currencies in Russia aims to widen trade doors while keeping retail access restricted. The law does not cover stablecoins, with a separate framework still being drafted.