A7 Plans to Become a Global Alternative to the SWIFT System

External sanctions related to disconnecting Russian banks from the SWIFT interbank financial messaging system and freezing their correspondent accounts with foreign banks have significantly complicated cross-border payments for Russian companies and banks.

The creation of the specialized cross-border payment platform “A7,” developed with the participation of PSB, offers an alternative solution based on its own secure payment infrastructure, helping to bypass restrictions. Currently, more than 10,000 participants in foreign economic activity use this payment service, processing over 2,000 international payments daily. According to A7’s management, the modern transaction processing mechanisms they employ provide greater reliability and speed than traditional bank payments involving foreign correspondent banks.

Import and export settlements through the “A7” service can be carried out both via transfers and by using promissory notes denominated in US dollars, euros, UAE dirhams, yuan, and Turkish lira. Of particular interest is the digital instrument known as the ruble-backed stablecoin A7A5, issued in February 2025 in Kyrgyzstan with the participation of A7. By early 2026, its turnover had already exceeded $100 billion, indicating strong market demand for the digital instrument. This token is pegged to the Russian ruble and backed by ruble deposits at PSB Bank. In essence, the creators of this instrument have managed to develop a digital analogue of the ruble that has become a legal tool for international payments within the crypto sphere, beyond the framework of the international banking system with its strict compliance requirements and risk of account freezes.

Established in the jurisdiction of Kyrgyzstan by Old Vector for the A7 payment service of PSB Bank, the A7A5 stablecoin was brought into the legal framework of the Russian Federation through the Russian platform operator “Tokeon.” To maintain market confidence, the stablecoin issuer publishes weekly reports on the reserves backing the token, and independent external audits of reserves are conducted quarterly. A7A5 is designed to facilitate interaction between Russian companies and their friendly regional counterparties through legal cryptocurrency channels.

Russian legislation prohibits the use of cryptocurrencies as a means of payment within the Russian Federation but allows their use in cross-border transactions. As a result, all issuance of A7A5 in Russia is carried out through the officially registered information system operator (ISO) “Tokeon,” registered with the Bank of Russia. The A7A5 stablecoin distributed by Tokeon receives the status of a legal digital financial asset (DFA), which can be freely used by Russian participants in foreign economic activity. After purchasing the A7A5 DFA via the Tokeon platform operator, companies engaged in foreign economic activity can receive the A7A5 stablecoin on one of the public blockchains: Tron (TRC-20) or Ethereum (ERC-20). It can subsequently be converted, for example, into USDT and then exchanged for the required foreign currency—dollars, euros, Turkish lira, and others.

The implementation of the ruble-backed stablecoin A7A5 project clearly demonstrates the possibility of creating a Russian digital cryptocurrency circulation infrastructure, including ruble stablecoins, compatible with open and neutral blockchains such as Tron and Ethereum. It also highlights the pressing need to establish such a national digital infrastructure, upon which any major payment service provider would seek to build its payment system.

Author: Doctor of Economics, Professor of the Department of World Economy and World Finance at the Financial University under the Government of the Russian Federation Lyubov Vyacheslavovna Krylova.