The report from blockchain analytics firm Elliptic shows that the Russian ruble-backed stablecoin A7A5, launched last year to help evade sanctions, has processed more than $100 billion in transactions in less than a year.
Russia-based cross-border payments company A7 LLC launched the stablecoin in January 2025 to circumvent Western sanctions. It claims 1:1 support from ruble deposits held with Promsvyazbank (PSB), a Russian state-owned company.
According to the report released Thursday, the stablecoin issued on the Ethereum and TRON blockchains processed nearly 250,000 on-chain transactions from 41,300 distinct accounts.
“The number of transactions increased significantly at the end of September 2025, due to the introduction of the possibility of purchasing A7A5s with PSB bank cards,” noted Elliptic.
In June 2025, Cryptonews reported that A7A5 had generated over $9.3 billion in transactions on crypto exchange Grinex.
The stablecoin helps facilitate sanctions evasion by functioning as a 1:1 ruble-backed “safe harbor,” even as Tether’s USDT has become the primary crypto asset for Russian sanctions evasion.
A7A5 Stablecoin Reaches $100 Billion in Transactions – Here’s How
The asset, currently listed only on Uniswap, has a market capitalization of over $540 million, according to data from CoinMarketCap.
Additionally, Elliptic data shows that 35,500 accounts now hold the stablecoin, an increase from 14,000 in July 2025.
“The total trading volume of A7A5 now reaches $17.3 billion,” Elliptic added. “The leading trading pairs, A7A5/rubles ($11.2 billion) and A7A5/USDT ($6.1 billion), highlight the stablecoin’s primary role as a transition asset between rubles and USDT.”
Stablecoin supply blocked amid heavy Western sanctions
Furthermore, stablecoin activity is currently showing signs of slowing down following the heavy sanctions imposed by the US, UK and EU on cryptocurrencies linked to Russia. Western sanctions have been imposed on Russia, targeting finances, energy and goods, since the full-scale invasion of Ukraine.
“Despite relatively high transaction volumes, there are indications that demand for the A7A5 has stalled,” the Elliptic report notes. “There are just over 42.5 billion A7A5s in circulation, worth US$547 million.”
Additionally, trading volumes have fallen from a peak of over $1.5 billion per day to around $500 million per day.
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