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Russia-linked stablecoin A7A5 has reached nearly $140 billion in cumulative turnover since its February 2025 launch, according to Pyotr Fradkov, chairman and CEO of Russia’s PSB Bank. The ruble-backed token remains part of a cross-border settlement system that has continued operating despite sanctions targeting companies involved in its infrastructure.
Fradkov told that A7A5 remains a small part of the global stablecoin market. He described A7A5 as the largest non-dollar stablecoin, although he did not specify the metric used for that comparison. The reported turnover represents cumulative transaction activity rather than the token’s market capitalization.
A7 Targets Cross-Border Payments
A7A5 forms part of the A7 settlement infrastructure created by PSB for cross-border transactions. Fradkov said the platform has around 15,000 regular business customers and currently processes as many as 2,000 payments per day.
A7 previously said about 90% of its transactions involve Asian countries, with China accounting for the largest share. Fradkov said the wider infrastructure was designed to keep international payments operating despite external restrictions.
Western Sanctions Target A7A5 Network
The United States sanctioned several companies connected to A7A5 in August 2025. The Treasury Department said Kyrgyzstan-based Old Vector issues the token and worked with sanctioned crypto exchange Garantex and other parties in its creation.
The European Union later prohibited transactions involving A7A5 and sanctioned its developer, Kyrgyz issuer and a platform handling significant trading volumes. The EU said the token had become a prominent tool for activities supporting Russia’s war effort and sanctions circumvention.
A7A5 Volume Continues to Grow
Blockchain analytics firm Chainalysis estimated that A7A5 processed $93.3 billion in transactions during its first 10 months. It described the token as a settlement rail used by Russian businesses seeking continued access to international markets under sanctions.
Fradkov’s reported cumulative turnover figure is now close to $140 billion, compared with Chainalysis’ earlier estimate of $93.3 billion in on-chain transactions during the token’s first 10 months. He also said A7 is profitable but did not disclose financial details, while the platform continues to pursue expansion outside Russia.
