Rouble-Backed Stablecoin A7A5 Surges Past $40B in Transactions Amid July Surge
Main Idea
The rouble-backed stablecoin A7A5, operated by Russian state-linked Promsvyazbank, has surpassed $40 billion in transactions, primarily used to bypass Western sanctions and facilitate cross-border payments, particularly between Russia and China.
Key Points
1. A7A5, a rouble-pegged stablecoin, has processed over $40 billion in transactions since its launch earlier this year.
2. The stablecoin is being used to circumvent Western sanctions, especially after Russia's exclusion from the SWIFT payment network.
3. Daily transaction volumes for A7A5 exceed $1 billion, with its market capitalization tripling to $521 million in less than two weeks.
4. Analysts warn that A7A5 may facilitate the trade of dual-use goods between Russia and China, with suspected ties to sanctions evasion.
5. Kyrgyzstan's crypto-friendly regulations have enabled A7A5's growth, with transaction volumes surging from $59 million in 2022 to $4.2 billion in the first seven months of 2024.
Description
A rouble-pegged stablecoin, launched earlier this year to facilitate Russia’s cross-border payments, has crossed $40 billion in total transaction volume. Key Takeaways: Rouble-backed stablecoin A7A5 has processed over $40 billion in transactions. Launched in Kyrgyzstan, A7A5 is being used to bypass Western sanctions. Analysts warn the coin may support dual-use goods trade between Russia and China. The milestone follows a sharp rise in demand and liquidity for A7A5 throughout July, Reuters report...
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