A7A5 stablecoin amidst sanctions: How transactions dropped to $100 billion

The stablecoin pegged to Russia’s ruble has become an essential tool for transferring funds while avoiding Western sanctions. In less than a year, A7A5 has processed over 250,000 transactions across approximately 41,000 wallet addresses. However, according to the latest data from Elliptic, the momentum of this stablecoin has begun to slow down.

Transaction volume reaches triple-digit billion but has plateaued

The total trading volume of A7A5 now exceeds $17.3 billion, with major trading pairs being A7A5/rubles at $11.2 billion and A7A5/USDT at $6.1 billion. While this indicates high activity over the past 12 months, recent reports suggest significant changes.

The number of accounts holding A7A5 has increased substantially from 14,000 in July 2025 to 35,500 currently. This reflects growing adoption by consumers and businesses within the Russian economy. But this data has a deeper story about the challenges faced by the stablecoin.

How A7A5 became a bridge between rubles and USDT

A7A5 emerged as a critical link between Russia’s local currency and the international stablecoin. During the sanctions imposed after the invasion of Ukraine in 2022, many Russian entrepreneurs relied on this asset to maintain cross-border transactions.

A key reason for A7A5’s importance is its role as a bridge asset. During times when Tether and other Western-linked stablecoins faced regulatory scrutiny, A7A5 offered an alternative that was less conspicuous. This asset was issued on Ethereum and TRON, public blockchains that provide transparency but are difficult to control directly.

The impact of sanctions: From $1.5 billion daily to $500 million

The peak daily transaction volume of A7A5 exceeded $1.5 billion last year. But since the implementation of stricter sanctions from the US, UK, and EU targeting Russia’s crypto infrastructure, these numbers have dropped significantly. By 2026, the average daily volume has fallen to around $500 million.

Elliptic, a well-known blockchain analytics firm, reported that this slowdown is directly related to new sanctions. “There are indications that demand for A7A5 has ceased,” the company’s report states. No major new launches of A7A5 have occurred since late July 2025, indicating a controlled supply strategy.

The total circulating supply of A7A5 has reached over 42.5 billion tokens, worth approximately $547 million USD. The low velocity of new issuance suggests market saturation and possible regulatory pressure.

A7A5 remains isolated from the broader crypto ecosystem

While A7A5 continues to be a vital tool for Russian cross-border trade, it is becoming more isolated from the wider cryptocurrency world. Russia is estimated to have about 20 million crypto users and has received $376 billion worth of digital assets in the past 12 months, yet A7A5 is moving along its own path.

Elliptic states that the ability to control or freeze A7A5 is more limited compared to centralized stablecoins. While Elliptic collaborated with Tether and the US Secret Service to freeze USDT held by Garantex (a Russian exchange subject to sanctions) in March 2025, A7A5 has a different structure. “When it comes to A7A5, only the issuer of that asset has the ability to blacklist addresses,” Elliptic said.

This means that the regulatory leverage of Western authorities is limited regarding this stablecoin. But the slower growth and declining activity indicate that sanctions have an aggregate effect even if not directly targeting A7A5. The market has reached a saturation point and is exercising prudence amid geopolitical uncertainty.