A7A5 is a fiat-collateralized stablecoin pegged 1:1 to the Russian Rouble (RUB). Issued by the Kyrgyzstan-based entity Old Vector LLC, the token operates on the Ethereum and Tron blockchains. ^{[1] [2] [3]}​

Overview

A7A5 was created by A7 LLC, a company established to facilitate cross-border payments for Russian businesses affected by international sanctions. The stablecoin launched in Kyrgyzstan in January 2025 and is officially issued by Old Vector LLC, operating under the country's virtual asset legislation. The project publicly positions itself as the "first ruble-pegged stablecoin issued under state regulation" and aims to serve "underpenetrated markets" in the Middle East, North Africa (MENA), and Southeast Asia (ASEAN). The token is designed to be fully backed by Russian Rouble deposits held in accounts at Promsvyazbank (PSB), a sanctioned, state-owned Russian bank. A unique feature of A7A5 is its yield-bearing mechanism, which automatically distributes 50% of the interest earned on its fiat reserves to all token holders.

Despite its claims of transparency and regulatory compliance, the project is deeply connected to multiple sanctioned entities and individuals, leading to allegations of its primary function being sanctions evasion. The A7A5 team has marketed the token as "an alternative to USDT that is not subject to sanctions risks." ^{[2] [3] [4] [5]}

Background

A7A5 was launched in Kyrgyzstan, with project materials citing the country’s regulatory framework and government engagement with digital assets as key factors in its selection. In recent years, Kyrgyzstan has adopted legislation addressing virtual assets, including a Law on Virtual Assets that regulates the issuance, circulation, and custody of digital tokens and establishes licensing requirements for exchanges and mining operations. The framework permits both legal entities and individuals to issue virtual assets, subject to compliance with regulatory standards.

The government has also taken steps to expand its involvement in the sector. In 2025, the Ministry of Finance established the Coin National Exchange, a state-owned cryptocurrency exchange intended to operate within the national regulatory structure. Authorities have additionally explored initiatives related to a national digital currency and tokenized government bonds, reflecting broader efforts to integrate blockchain-based instruments into the financial system. Kyrgyzstan also applies know-your-customer (KYC) and anti-money-laundering (AML) requirements to licensed virtual asset service providers. ^[9]

Tokenomics

A7A5 is issued as a multi-chain token on the Tron (TRC-20 standard) and Ethereum (ERC-20 standard). Tokens are minted only upon receipt of corresponding fiat deposits. Each newly issued token is intended to be fully backed by Russian roubles held in bank accounts.

The underlying fiat reserves are described as being placed in bank deposits, including overnight instruments, with financial institutions connected through a correspondent network linked to Kyrgyzstan. The supply of A7A5 is therefore structured to expand or contract in line with fiat inflows and redemptions. ^[7]

Associated Cryptocurrency Exchanges

• Garantex: A sanctioned, Russia-based exchange that listed A7A5 shortly after its launch. Following enforcement action in March 2025, its assets were reportedly moved to Grinex.
• Grinex: A Kyrgyzstan-based exchange with suspected ties to Garantex that lists A7A5 and appears to serve Russian customers.
• Meer: Another Kyrgyzstan-based exchange with links to Garantex that also lists the stablecoin.
• Bitpapa: A UAE-based peer-to-peer exchange sanctioned in March 2024 where A7A5 is available. ^[2]

Use Cases

• Tokenized Russian Rouble: A7A5 is structured as a tokenized representation of the Russian rouble, with each token intended to maintain 1:1 parity with fiat currency and support digital transfers of rouble-denominated value, including compatibility with DeFi applications.
• Income Distribution Mechanism: The project states that interest generated from overnight bank deposits is partially distributed to holders, with 50% of accrued interest allocated within 24 hours of funds being credited, without requiring staking or additional actions.
• Exchange Liquidity: A7A5 is intended to be listed on centralized and decentralized exchanges to facilitate liquidity and conversion between fiat and digital assets.
• Cross-Border and Commercial Activity: The token is positioned for use in foreign economic transactions and cross-border settlements involving rouble-denominated value.
• Tourism and Payments: Project materials indicate that A7A5 may be used for travel-related expenditures and to fund virtual payment cards for online and in-person purchases.
• DeFi Integration: The project outlines potential integration with decentralized finance platforms, including possible use as collateral or within lending and borrowing markets such as Aave, Compound, and Venus, as well as participation in liquidity pools, yield farming, and derivative or synthetic asset structures, subject to regulatory considerations. ^[8]

Roadmap

Q2–Q4 2025

• Completion of a reserves audit conducted by Kreston Global.
• Establishment of a liquidity pool on Tron to facilitate swaps between A7A5 and Tether (USDT).
• Development of on

• and off-ramp solutions intended to enable the purchase and redemption of A7A5 by individuals and businesses.

• Listings on centralized exchanges, which are expected to support interoperability between Tron and Ethereum based versions of the token.
• Planned integrations with decentralized finance platforms to enable lending and borrowing functionality.
• Introduction of trading pairs with other stablecoins to support carry trade strategies.
• Formation of additional partnerships and integrations to expand geographic and currency access.
• Exploration of institutional and retail use cases for payments and financial operations. ^[8]