Russia-Linked Stablecoin A7A5 Surpasses $100 Billion in Transactions Amid Sanctions and Declining Demand

A ruble-backed stablecoin designed to help Russia bypass international sanctions has processed more than $100 billion in transactions within its first year, according to new data from blockchain analytics firm Elliptic. Known as A7A5, the token operates on both the Ethereum and Tron blockchain networks and was created to enable cross-border payments that would otherwise face obstacles due to Western restrictions.

Since its launch, A7A5 has seen approximately $17.3 billion in trading volumes and close to 250,000 transactions involving over 41,000 unique accounts. Despite these impressive figures, recent months have shown a drop in activity. Daily transaction volumes have fallen from their peak of more than $1.5 billion to about $500 million, and there have been no significant new issuances of the stablecoin since July.

Analysts attribute the slowdown to European Union sanctions that took effect in November 2025. These new rules bar EU-based individuals and organizations from any involvement with A7A5, as part of a broader package of measures responding to Russia’s actions in Ukraine. The sanctions have also made it difficult for users to exchange A7A5 for other cryptocurrencies, which could further impact its usage going forward.

A spokesperson for Elliptic noted, “A7A5 faces the challenge that there is very little liquidity when it comes to exchanging it for other cryptoassets. We’re likely to see them encourage further cryptocurrency exchanges to list A7A5 for trading, however, this will be challenging given the sanctions risks those exchanges would then face.”

A7A5 was developed by the payments company A7—owned by Moldovan businessman Ilan Shor and Russian state lender Promsvyazbank. The token is used to facilitate international transactions for Russian businesses, particularly through partnerships with entities like the crypto exchange Garantex.