Russia’s ruble stablecoin hits $140B in turnover, PSB says

The ruble-denominated stablecoin A7A5 has processed nearly $140 billion in turnover since its February 2025 launch, PSB Bank Chairman and CEO Pyotr Fradkov said in an interview with Russia's RBC news agency published on Monday.reuters

Fradkov described A7A5 as "the largest non-dollar stablecoin" globally, while acknowledging it remains "a small piece of the global stablecoin market." The stablecoin, backed by ruble deposits at PSB, was created as part of the Russian defense bank's A7 settlement infrastructure, which currently processes up to 2,000 payments per day for 15,000 regular customers.devdiscourse+1

A Sanctions-Resistant Payment Network

The A7 platform was built specifically to facilitate cross-border settlements that can withstand Western restrictions. According to Reuters Thomson Reuters Corporation ↗ 2.48%, 90% of transactions involve Asian countries, with China predominating.reuters

"The system is designed in such a way that, even after falling under sanctions — repeatedly, in various forms and types — the company continues to carry out payments for our clients," Fradkov told RBC.reuters

Last year, the United States, the European Union, and Britain imposed sanctions on several companies they said were behind the Kyrgyzstan-based stablecoin. The A7 platform's CEO and co-owner, Moldovan businessman Ilan Shor, told Reuters in June that the platform plans extensive global expansion and is not concerned about Western sanctions.reuters

Warning on USDT Risks

In the same set of remarks, Fradkov warned Russians holding USDT that their assets could be frozen at the direction of U.S. authorities. He said Tether Limited retains full control over the USDT it issues and can freeze funds "simply on instructions from the US administration."pravda+1

"Such precedents already exist. In particular, in recent years, large assets belonging to holders from Iran and Russia have been blocked," Fradkov said.english.nv

He noted that Tether is one of the largest holders of U.S. Treasury securities, meaning "the fundamental dependence on the dollar and the U.S. debt market does not go away." Fradkov framed this vulnerability as the rationale behind PSB's development of its own digital payment infrastructure — a system he said is profitable, though he declined to provide details.reuters+1