Promsvyazbank announces largest non-dollar stablecoin

Promsvyazbank (PSB) chairman Pyotr Fradkov announced that Russia has developed the world’s largest stablecoin not pegged to the US dollar. The ruble-linked stablecoin, known as A7A5, operates through the A7 cross-border payment system.

Launched in October 2024 to mitigate the impact of US and EU sanctions and the exclusion of Russian banks from the SWIFT network, the A7 system now processes approximately 2,000 transactions daily. Fradkov stated that the A7A5 platform has recorded nearly $140 billion in total turnover since its inception.

While the global stablecoin market is valued at approximately $312 billion, roughly 99% of that market is tied to the US dollar. Within the remaining 1% of non-dollar stablecoins, A7A5 holds the largest capitalization at approximately $570 million, followed by a euro-linked stablecoin at $440 million. Fradkov noted that 90% of A7 transactions originate from Asian countries, with China playing a dominant role. The bank has set an ambitious long-term goal of capturing 10% of the global stablecoin market.