A7A5 handles transactions worth over 7.5 trillion rubles

Decentralized finance helped Russia’s favorite stablecoin, A7A5, reach trillions of rubles in annual turnover, according to a top manager of the sanctioned project.

The role of such cryptocurrencies has been growing for Russian trade under Western sanctions, the latest of which specifically targeted digital coins tied to the ruble.

A7A5 handles transactions worth over 7.5 trillion rubles

Integration with decentralized finance (DeFi) has allowed the Russian fiat-pegged stablecoin A7A5 to process 7.5 – 8 trillion rubles ($100-106 billion) in cross-border transfers within a year.

The revelation was made by the project’s Director for International Development, Oleg Ogienko, who shed light on the mechanisms that enabled the coin’s growth.

The crypto executive spoke at a financial forum this week organized by the PSB bank, which is backing the project. He was quoted by the business news portal RBC as stating:

“DeFi has become our salvation. It was the bridge to decentralized finance that allowed the stablecoin to scale. Without it, there would be neither liquidity, nor the instrument currently in use.”

Ogienko noted that while only around 1.65 trillion rubles’ worth of digital financial assets (DFAs) are issued in Russia, global transactions on public blockchains involving Russian users exceed 20 trillion rubles (over $266 billion).

As defined in Russian law, DFAs are a category that encompasses a range of products, such as tokenized securities, based on private blockchains and offered by approved issuers.

The closed nature of this Russian DFA market model remains the main impediment to liquidity inflows into the sector, Ogienko argued.

In contrast, A7A5 operates on the Tron and Ethereum networks and is listed on both centralized and decentralized exchanges.

This has allowed it to become the largest non-dollar stablecoin since its launch in early 2025 and the 19th largest overall.

According to data from DeFiLlama, its capitalization now exceeds $548 million, accounting for nearly half of the market of cryptos linked to fiat currencies other than the Greenback.

Despite the differences with Russian DFAs, the financial authorities in Moscow classified A7A5 as a digital financial asset last September, permitting Russian businesses to use it in international settlements.

Thus, besides DeFi, the significant demand from Russian firms facing foreign trade restrictions imposed over the war in Ukraine became the other major factor contributing to A7A5’s success.

Russian stablecoin recognized as tool for sanctions evasion

Reportedly created by the Russian company A7, the leading ruble-pegged stablecoin is now issued by the Kyrgyzstan-based entity Old Vector, which claims to be “fully independent.”

However, it’s still supposedly backed by ruble deposits at the sanctioned PSB, formerly Promsvyazbank, and its transactions are processed by the Tokeon platform, which is part of the PSB Group.

These and other organizations linked to cryptocurrency, such as the recently hacked exchange Grinex, have been hit with multiple sanctions by Western governments.

In its latest, 20th package of sanctions, the European Union specifically targeted stablecoins tied to the Russian national currency, like A7A5 and RUBx, as well as the digital ruble itself.

Meanwhile, the head of the Central Bank of Russia noted on Tuesday that the role of digital assets in cross-border settlements has grown.

At the same time, Governor Elvira Nabiullina made it clear that the monetary authority remains opposed to their use for domestic payments.

Russia is preparing to legalize and comprehensively regulate crypto transactions this spring, including investment, trading, and taxation.

Commenting on the legislation currently considered in parliament, Oleg Ogienko highlighted a proposal to permit the issuing of Russian digital assets and rights on public blockchains.

Once that happens and the geopolitical situation improves, giving Russia access to the global crypto system, he expects the country’s digital-asset market to grow exponentially.

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