Russia-linked A7A5 stablecoin processed $100B before sanctions

A ruble-backed stablecoin linked to sanctioned Russian financial networks processed more than $100bn in onchain transactions in under a year, according to blockchain analytics firm Elliptic.

Elliptic said the A7A5 token was designed to reduce exposure to Western financial sanctions by routing value through crypto markets.

The stablecoin’s transaction volumes surged after its launch in early 2025 before slowing in the second half of the year.

Elliptic said sanctions enforcement and exchange compliance measures significantly restricted A7A5’s usability.

The $100bn figure represents the cumulative value of all A7A5 transfers recorded on public blockchains including Ethereum and Tron.

“This is the aggregate value of all A7A5 transfers,”

Tom Robinson said, adding that transaction fees indicated economic benefit to users.

Elliptic found that A7A5 primarily functioned as a bridge between rubles and USDT markets.

The structure allowed users to access dollar liquidity while limiting exposure to wallets vulnerable to Western asset freezes.