Russian Ruble-Pegged Stablecoin Surpasses $100B in Transactions in Less Than a Year – Report

Blockchain analytics firm, Elliptic, has released a report indicating that Russia's ruble-backed stablecoin, A7A5, which was introduced last year to navigate around sanctions, has processed over $100 billion in transactions within just under a year.

Key Takeaways

The ruble-backed stablecoin A7A5 has surpassed $100 billion in transactions in less than a year since its launch.
It was launched by A7 LLC in January 2025 to help bypass Western sanctions.
A7A5 operates on the Ethereum and TRON blockchains, showing significant growth in account holders.
The stablecoin's activity is showing signs of slowing down amid heavy Western sanctions impacting Russia-related cryptocurrencies.

The stablecoin was launched by A7 LLC, a company based in Russia, in January 2025. It aims to circumvent Western sanctions and claims to be backed on a 1:1 basis by ruble deposits held at Promsvyazbank (PSB), a state-owned bank in Russia.

According to the report published this past Thursday, A7A5, issued on both the Ethereum and TRON blockchains, has seen nearly 250,000 transactions on-chain from 41,300 unique accounts.

Elliptic pointed out that there was a significant increase in transaction numbers in late September 2025, attributed to the new feature allowing users to purchase A7A5 using PSB bank cards.

Earlier in June 2025, Cryptonews reported that A7A5 had surpassed $9.3 billion in transactions on the crypto exchange Grinex. The stablecoin serves as a 1:1 ruble-backed “safe harbor,” which aids in evading sanctions; however, it is noteworthy that Tether's USDT remains the primary crypto asset for this purpose.

A7A5 Stablecoin Achieves $100B in Transaction Volume

The A7A5 stablecoin, which is currently only listed on Uniswap, boasts a market capitalization exceeding $540 million, according to CoinMarketCap.

Moreover, Elliptic’s data reveals that there are now 35,500 accounts holding the stablecoin, up from 14,000 reported in July 2025. “Total A7A5 exchange volumes have reached $17.3 billion,” Elliptic added. The main trading pairs, A7A5/rubles ($11.2 billion) and A7A5/USDT ($6.1 billion), underscore the stablecoin’s role as a bridging asset between rubles and USDT.

Stablecoin Supply Sluggish Amid Intense Western Sanctions

Despite the impressive transaction figures, the activity around the stablecoin shows signs of stagnation, particularly following stringent sanctions imposed by the US, UK, and EU on crypto assets linked to Russia. These sanctions were enforced against Russia because of its full-scale invasion of Ukraine.

“Despite the relatively high transaction volumes, there are signs that demand for A7A5 has stalled,” the report noted. Currently, about 42.5 billion A7A5 tokens are in circulation, valued at approximately $547 million in US dollars.

Additionally, the daily transaction volumes have decreased from a peak of over $1.5 billion to roughly $500 million per day.