Elliptic says the ruble-backed A7A5 token functioned as a bridge into USDT markets before sanctions and exchange controls curbed its growth.
A Russian ruble-backed stablecoin linked to sanctioned Russian financial networks processed more than $100 billion in onchain transactions in less than a year, according to a new report from blockchain analytics firm Elliptic.
In a report published Thursday, Elliptic said the A7A5 stablecoin was designed to operate within a broader framework intended to reduce exposure to Western financial sanctions. The structure allowed Russian-linked businesses to move value through crypto markets while limiting the risk of asset freezes.
Elliptic found that A7A5’s activity surged following its launch in early 2025, before slowing down in the second half of the year as sanctions and compliance actions taken by exchanges and token issuers started to restrict its usability.
