Ruble-backed stablecoin known as A7A5, linked to Russian financial networks under sanctions, processed more than $100 billion in onchain transactions in under a year before enforcement actions sharply curtailed its growth, according to new blockchain analysis.
The token was designed to operate within a system aimed at reducing exposure to Western financial restrictions, allowing affiliated entities to move value through crypto markets while limiting the risk of asset freezes. Activity surged shortly after A7A5’s launch in early 2025, before declining later in the year as sanctions and exchange-level controls took effect.
The $100 billion figure reflects the aggregate value of all recorded transfers on public blockchains such as Ethereum and Tron. Analysis indicates that A7A5 primarily functioned as a bridge between rubles and USDT markets, enabling users to access dollar-denominated liquidity without holding funds in wallets vulnerable to enforcement actions.
Trading activity was concentrated across a limited number of venues, including regionally based exchanges and project-linked infrastructure, reinforcing the token’s role as a specialized settlement tool rather than a retail stablecoin.
Momentum slowed significantly after mid-2025. Sanctions, exchange restrictions, token blocklists, and frozen deposits reduced liquidity and usability, highlighting both the potential and limits of non-dollar stablecoins designed for sanctions-era finance.
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