PANews January 22 News, a blockchain analysis firm Elliptic’s latest report shows that the Ruble stablecoin A7A5 has surpassed $100 billion in on-chain transaction volume since its launch in January 2025. The stablecoin was led by Russian company A7 LLC and aims to help Russian enterprises circumvent Western sanctions. A7A5’s main function is to serve as a bridge asset between the Ruble and USDT, with total transactions reaching $17.3 billion, most of which occurred on exchanges such as Grinex in Kyrgyzstan. Despite the significant trading volume, its growth has been notably restricted since August 2025 when the US and other countries imposed sanctions on A7A5. The issuance of new tokens has essentially halted since late July, with daily trading volume dropping from a peak of $1.5 billion to about $500 million. Major DEXs like Uniswap have listed it on their token blacklist, and liquidity injection of USDT into its own DEX has been greatly reduced. The sanctions have led to risks of account freezing when users transfer USDT from A7A5 to mainstream exchanges, increasingly isolating it from the broader crypto ecosystem.
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