Russian users can now purchase the ruble-pegged stablecoin A7A5 through payment cards from banks sanctioned by the West. This cryptocurrency is believed to be used to circumvent financial restrictions imposed due to the Russia-Ukraine conflict, facilitating the global transfer of Russian funds and money laundering activities. Its connections to fugitive Moldovan oligarch Ilan Shor and the Kyrgyzstan-registered Grinex exchange, which is allegedly the successor to the sanctioned Russian exchange Garantex, have also raised concerns. Currently, this card payment service is limited to citizens of the Russian Federation who have accounts with Russia's PSB bank (Promsvyazbank, sanctioned by the US, EU, UK, and Canada), allowing them to buy, sell A7A5, and exchange it for rubles or USDT, offering about 8% annual yield. On-chain data shows that over $9 billion has been transferred involving A7A5 within four months.

A recent report by blockchain research firm Elliptic reveals that the Russia-backed ruble-pegged stablecoin A7A5 saw a surge in volume in July, surpassing a total of $41 billion, with daily trading exceeding $1 billion. This stablecoin, launched in Kyrgyzstan by the sanctioned Russian bank PSB and payment company A7, is becoming a key tool for Russian businesses and individuals to evade Western financial sanctions and facilitate cross-border payments (especially for China-Russia trade settlements), but it has also sparked serious compliance controversies and regulatory scrutiny.

In recent years, stablecoins have become an important part of the Crypto Assets market, gaining attention due to their price stability and integration with TradFi. A7A5, as the world's first stablecoin pegged to the Russian Ruble, has sparked widespread discussion since its launch in Kyrgyzstan in February 2025. This article will analyze the characteristics of this emerging digital asset and its significance in the global financial landscape from four aspects: the background of A7A5, its operating mechanism, application scenarios, and controversies. Background and Birth A7A5 is issued by the Kyrgyz company Old Vector, claiming to fully comply with the "Virtual Assets Law" enacted in Kyrgyzstan on January 21, 2022. This stablecoin is backed by ruble deposits provided by Russia's Promsvyazbank (PSB), anchored 1:1 to the Russian ruble, aiming to provide investors with direct access to blockchain tools for the ruble. The launch of A7A5 is

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Brazil’s Vice President Geraldo Alckmin’s (PSB) chief of staff, Pedro Giocondo Guerra, underscored on Wednesday the importance of establishing a national strategic Bitcoin reserve. Guerra was