A ruble pegged stablecoin tied to Russia has processed more than $100 billion in transactions in under a year, highlighting how digital assets continue to support cross border activity under sanctions pressure. According to blockchain analytics firm Elliptic, the stablecoin known as A7A5 has recorded close to 250,000 onchain transfers involving more than 41,000 wallet addresses. Issued on public blockchains including Ethereum and Tron, A7A5 activity offers rare transparency into how sanctioned economies adapt financial flows using crypto infrastructure. The data shows rapid early adoption, with the number of wallets holding A7A5 rising sharply through 2025. The scale of transaction volume underscores the role stablecoins now play in facilitating trade and settlement where access to traditional financial rails is restricted or closely monitored.
Elliptic’s findings indicate that A7A5 functions primarily as a bridge between the Russian ruble and dollar denominated stablecoins, especially Tether’s USDT. Exchange volumes linked to A7A5 have reached more than $17 billion, dominated by trading pairs connecting rubles and USDT. This structure reflects how stablecoins are increasingly used as neutral settlement layers rather than standalone payment tools. However, the report also shows signs of slowing momentum. New issuance of A7A5 has largely paused since mid 2025, and daily transaction volumes have declined significantly from last year’s peaks. Elliptic attributes this slowdown to expanded sanctions by the United States, the United Kingdom, and the European Union targeting Russian linked crypto infrastructure and intermediaries.
Despite the slowdown, analysts note that A7A5 remains an active channel for Russian cross border trade, even as it becomes more isolated from the broader crypto ecosystem. Total circulation stands at tens of billions of tokens, but connectivity with global exchanges and counterparties has narrowed. Sanctions have limited the ability of third parties to interact freely with the asset, leaving control largely in the hands of its issuer. Elliptic has previously worked with international authorities and stablecoin issuers to freeze sanctioned funds, but in the case of A7A5, enforcement options are more constrained. The broader picture suggests that while stablecoins cannot fully replace traditional finance, they can sustain significant transaction flows under geopolitical stress, raising ongoing questions for regulators about enforcement, transparency, and systemic risk.
