Gate News message, April 28 — Russia’s A7A5 ruble-pegged stablecoin processed 7.5 to 8 trillion rubles ($100–106 billion) in cross-border transfers within a year, driven by integration with decentralized finance (DeFi), according to Oleg Ogienko, the project’s Director for International Development, speaking at a financial forum this week.
Ogienko stated that “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.” A7A5, launched in early 2025 and now operating on Tron and Ethereum networks, has become the 19th largest stablecoin overall and the largest non-dollar stablecoin, with a market capitalization exceeding $548 million—accounting for nearly half of all fiat-pegged cryptocurrencies excluding the U.S. dollar.
Global blockchain transactions involving Russian users exceed 20 trillion rubles ($266 billion) annually, far surpassing the 1.65 trillion rubles of digital financial assets (DFAs) issued domestically. The closed nature of Russia’s domestic DFA market has limited liquidity, Ogienko noted, whereas A7A5’s presence on both centralized and decentralized exchanges has enabled its growth. The Russian Central Bank classified A7A5 as a digital financial asset last September, permitting its use in international settlements by Russian businesses facing Western sanctions related to the Ukraine war.
A7A5 is issued by Kyrgyzstan-based Old Vector and reportedly backed by deposits at the sanctioned PSB bank (formerly Promsvyazbank). The European Union’s latest sanctions package specifically targeted ruble-linked stablecoins like A7A5. Russia is preparing comprehensive crypto legislation this spring, and Ogienko expects exponential market growth once public blockchain issuance is legalized and geopolitical conditions improve.
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