Report: The on-chain trading volume of the Ruble stablecoin A7A5 has exceeded 100 billion dollars in less than a year since its launch

Blockchain analysis company Elliptic's latest report shows that the Ruble stablecoin A7A5 has surpassed $10 billion in on-chain transaction volume since its launch in 2025.

The stablecoin is primarily launched by the Russian company A7 LLC, aimed at helping Russian businesses evade Western sanctions. The main function of A7A5 is to serve as a bridge asset between the Ruble and USDT, with a total transaction volume reaching $17.3 billion, most of which occurs on exchanges like Grinex in Kyrgyzstan. Despite the significant transaction volume, its growth has been notably restricted since August 2025 when countries like the United States imposed sanctions on A7A5. The issuance of new tokens has essentially stalled since the end of July, with daily transaction volumes dropping from a peak of $1.5 billion to around $500 million. Major DEXs like Uniswap have listed it on their token blocklists, while the liquidity injection of USDT on its own DEX has significantly decreased. Sanctions have led users to face the risk of account freezes when transferring USDT from A7A5 to mainstream exchanges, increasingly isolating it from the broader crypto ecosystem.