Russia Launches Ruble-Backed Stablecoin to Circumvent Sanctions

Russia has launched A7A5, a ruble-backed stablecoin designed to circumvent US sanctions and facilitate international trade. Promsvyazbank, a state-affiliated bank, is spearheading the launch. The initiative aims to reduce dependence on the US dollar for transactions and increase trade with Asian and Eurasian countries. Initial cross-border payments have reached over $6 billion, indicating its impact on international settlement. Experts believe this move could lead to increased scrutiny of ruble/stablecoin swaps.