Send
Print
Mark Hodson via flickr
A7A5 is a stablecoin linked to the ruble at 1:1 ratio, launched in Kyrgyzstan in February 2025. The newspaper, referencing analysts, reports that this token is supposedly designed for international payments amidst sanctions on Russia. A7A5 is supported by deposits in the Russian bank PSB, which is sanctioned by the US, UK, and the European Union. The coin is released by Old Vector, a firm incorporated in Kyrgyzstan. The nominal value of each A7A5 is equivalent to one ruble. The issuer's website describes the coin as “the first digital ruble issued in line with Kyrgyz law, supported by deposits in trustworthy banks.”
The FT examined wallets linked to the Grinex cryptocurrency exchange. It has also emerged in Kyrgyzstan lately, and its platform specifically trades A7A5, rubles, and dollar-linked stablecoins.
According to the FT, there are 12 billion A7A5 tokens available, valued at $156 million, and they are utilized by smaller user groups that conduct daily transactions surpassing this volume. It cannot be verified if all participants have ties to Russia, but the newspaper found that the majority of transactions occur on weekdays, frequently during business hours in Moscow.
source: ft.com
The FT examined wallets linked to the Grinex cryptocurrency exchange. It has also emerged in Kyrgyzstan lately, and its platform specifically trades A7A5, rubles, and dollar-linked stablecoins.
According to the FT, there are 12 billion A7A5 tokens available, valued at $156 million, and they are utilized by smaller user groups that conduct daily transactions surpassing this volume. It cannot be verified if all participants have ties to Russia, but the newspaper found that the majority of transactions occur on weekdays, frequently during business hours in Moscow.
source: ft.com
