PSB Chairman Fradkov: Our Ruble-Based Stablecoin Has Reached a Transaction Volume of $140 Billion

Promsvyazbank (PSB) Chairman Pyotr Fradkov stated that the ruble-based A7A5 cryptocurrency issued by the A7 international payment system developed by Russian experts has reached a transaction volume of $140 billion.Fradkov explained what is happening in cross-border payments, one of the most closed areas of the economy, and how the A7 international payment system works. Controlling global transactions and payments has become a fundamental soft power.The SWIFT system brings together tens of thousands of organizations and is used worldwide. However, we see that the system is not politically neutral. Therefore, countries are not only transitioning to national currencies for payments, but also trying to create their own payment infrastructure to control their trade flows.Russia should create its own payment system, with a local origin but an international function. PSB, together with the A7 cross-border payment system, is developing a new payment architecture that is independent of third-party authorization.We are proud to be the first company to issue a ruble-indexed stablecoin through A7. This unit, which forms a small part of the global stablecoin market, has the feature of being the largest stablecoin outside of the dollar.Fradkov noted that Indonesia, Brazil, and many other countries are also following the same path, actively developing their own alternative payment solutions and issuing their own stablecoins indexed to national assets.