'We do not do illegal things': Inside the sanctioned stablecoin issuer A7A5's race to build a crypto giant
A7A5, a ruble-pegged stablecoin issuer sanctioned by the U.S., is rapidly growing by facilitating cross-border payments for Russian entities avoiding banking restrictions.Summary
Oleg Ogienko, the public face of A7A5, defended the ruble-pegged stablecoin issuer against accusations of illegality, asserting full compliance with the laws of its incorporation in Kyrgyzstan, including KYC and AML procedures. Despite A7A5's issuing entities and its reserve bank, Promsvyazbank (PSB), being sanctioned by the U.S. Treasury, the company experienced massive growth last year, adding nearly $90 billion in circulating supply, outpacing USDT and USDC. This growth is fueled by facilitating cross-border payments for Russian companies facing banking restrictions, allowing them to trade with partners in Asia, Africa, and South America, and providing a route to USDT liquidity via DeFi protocols without directly holding dollar stablecoins. Ogienko is actively seeking partnerships with exchanges and other blockchains to increase liquidity, which is currently limited because centralized exchanges fear secondary sanctions. While navigating political sensitivities, such as being scrubbed from sponsor lists at events like Token2049, A7A5 remains ambitious, aiming to settle over 20% of Russia's international trade settlements.
(Source：CoinDesk)