Ruble-Based Stablecoin A7A5 Hits $100B in Transactions

The ruble-based stablecoin A7A5 has achieved over $100 billion in on-chain transaction volume within a year of its launch, according to a report by blockchain analytics firm Elliptic. Launched in January 2025 by Russian company A7 LLC, A7A5 was designed to facilitate transactions for Russian companies amid Western sanctions. It primarily serves as a bridge between the ruble and USDT, with a trading volume of $17.3 billion, predominantly on exchanges like Grinex in Kyrgyzstan.

Despite its initial success, A7A5’s growth has been curtailed by sanctions imposed by the US and other countries in August 2025. New token issuance has halted since July, and daily trading volumes have plummeted from $1.5 billion to $500 million. Major decentralized exchanges, including Uniswap, have blocked the token, and USDT liquidity on related DEXs has dwindled. These sanctions have led to account freezes for users transferring USDT from A7A5 to mainstream exchanges, further isolating the stablecoin from the global crypto market.