Russia’s Ruble-pegged Stablecoin Helped Evade Sanctions To The Tune Of $100B

Transactions in Russia’s ruble-pegged stablecoin A7A5 have surpassed $100 billion, with about 250,000 transfers among more than 41,000 wallet addresses in under a year.

Elliptic reports that A7A5 now serves primarily as a bridge between rubles and Tether’s USDT, with $17.3 billion in exchange volume, but new issuance and daily trading activity have slowed sharply since mid-2025 amid U.S., U.K. and EU sanctions.

While A7A5 remains a tool for Russian cross-border trade, Elliptic says it is increasingly isolated from the wider crypto ecosystem even as Russian crypto use overall remains heavy, with an estimated 20 million users and $376 billion in crypto received over 12 months.

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