Report: Ruble Stablecoin A7A5 On-Chain Transaction Volume Surpasses $100 Billion Less Than a Year After Launch

Summary: Blockchain analysis firm Elliptic reports that since its launch in January 2025, the Ruble stablecoin A7A5 has achieved over $100 billion in on-chain transaction volume, primarily used to help Russian companies evade sanctions. However, after sanctions were imposed in August 2025, its trading volume declined significantly, and users face account freeze risks, gradually becoming isolated from the crypto ecosystem.

PANews January 22 News: According to a recent report by blockchain analysis company Elliptic, since its launch in January 2025, the Ruble stablecoin A7A5 has surpassed $100 billion in on-chain transaction volume. The stablecoin was led by Russian company A7 LLC and aims to help Russian enterprises circumvent Western sanctions. The main function of A7A5 is to serve as a bridge asset between the Ruble and USDT, with total trading volume reaching $17.3 billion, most of which occurred on exchanges like Grinex in Kyrgyzstan. Despite the significant trading volume, growth has been restricted since August 2025 when the US and other countries imposed sanctions on A7A5. New token issuance has essentially halted since late July, with daily trading volume dropping from a peak of $1.5 billion to about $500 million. Major DEXs like Uniswap have blacklisted the token, and liquidity injection into its own DEX for USDT has decreased substantially. The sanctions have led to risks of account freezes when users transfer USDT from A7A5 to mainstream exchanges, increasingly isolating it from the broader crypto ecosystem.