The A7A5 ruble stablecoin: $140 billion in turnover and 2,000 transactions per day — a new scale for settlements
The largest ruble stablecoin A7A5 continues to demonstrate impressive momentum. The platform's cumulative turnover since launch has reached nearly $140 billion, with daily payment flow steadily holding at up to 2,000 transactions. These figures are confirmed by PSB management, taking the project far beyond the experimental format.
In my assessment, these numbers are not just statistics but a marker of maturity for the non-dollar stablecoin segment. When transaction volume exceeds $100 billion, we are talking about system-forming infrastructure for an entire layer of settlements inaccessible through traditional banking channels.
Scale of operations and client base structure
The key indicator is about 15,000 regular clients using A7 products. These are companies of very different levels: from large export businesses to small enterprises and individuals. Importantly, the platform is not tailored to one specific client—it is universal in its architecture.
The average transaction size and frequency of operations confirm diversification. The flow of 2,000 payments per day is formed by small transfers from small businesses and citizens, which rules out the theory of simply splitting large export deals. This is an organic, living ecosystem, not a technical trick to bypass restrictions.
Typical use cases include paying for vacations, medical treatment, and education abroad. In essence, A7A5 covers the needs that conventional banking channels cannot provide today. It is a working mechanism for everyday settlements, not a speculative instrument.
Regulator's position and market context
It is telling that the Bank of Russia has still not issued official comments on the project, although its scale has long surpassed pilot testing. This creates legal uncertainty but does not hinder growth. Moreover, attempts are already emerging in the market to launch alternative ruble stablecoins bypassing A7A5, which indirectly confirms the high demand for such solutions.
From my point of view, the regulator's silence is a temporary phenomenon. When a private payment system accumulates such significant turnover, the question of its legalization becomes only a matter of time. Investors and market participants should closely monitor developments: the legalization of A7A5 could become a trigger for revaluing the entire ruble stablecoin segment.