Ruble-Pegged Stablecoin A7A5, Backed by Ilan Șor and Promsvyazbank, Moves $9.3 Billion Since February Launch in Kyrgyzstan

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Updated Jul 4, 2025, 03:13 PM

A new cryptocurrency token named A7A5, pegged to the Russian ruble, has facilitated over $9.3 billion in transactions within four months of its launch in February 2025. The stablecoin was created by a fugitive Moldovan oligarch, Ilan Șor, in partnership with Promsvyazbank, a Russian bank linked to the defense sector and subject to Western sanctions. A7A5 operates on the Tron and Ethereum blockchains and is primarily traded on a dedicated crypto exchange based in Kyrgyzstan, a jurisdiction outside Western regulatory reach. The token is designed to enable cross-border payments and has become a tool for Russia to circumvent international sanctions. The stablecoin’s success highlights the evolving use of cryptocurrency to facilitate financial flows into and out of Russia despite sanctions.

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#Russian #Moldovan #Ilan Șor #Promsvyazbank #Western #Tron #Ethereum #Kyrgyzstan #Russia

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The share of non-cash payments in Russia has approached 87% for the first time, and may grow to 92% in the next few years, the Central Bank predicts. However, experts do not expect paper money to disappear in the country