Ruble Stablecoin A7A5 Surpasses $100B Despite EU and US Sanctions

The use of digital assets for international settlements is increasingly viewed as a structural shift in global finance. One of the most notable recent examples is A7A5, a stablecoin pegged 1:1 to the Russian ruble.

Launched in February 2025 under the regulation of the Kyrgyz Republic and issued by Old Vector LLC, the token operates on the Tron and Ethereum blockchains. It is backed by ruble-denominated bank deposits, and holders receive passive income derived from deposit interest. The issuer states that it complies with international KYC and AML standards and rejects allegations of sanctions evasion.

During its first year, A7A5 processed $39 billion in transactions. The token is listed on Grinex, Meer, and Bitpapa exchanges and positions itself as operating under international financial security frameworks.

Scale of Operations Draws Regulatory Scrutiny

Over its first year, A7A5 reportedly exceeded $100 billion in transaction volume. In 2025 alone, circulating supply increased by $90 billion. Trading volume reached $17.3 billion, including $11.2 billion in the A7A5/RUB pair and $6.1 billion in the A7A5/USDT pair. The number of holders grew from 14,000 to 35,500, while market capitalization reached approximately $540 million.

The scale of activity has drawn sustained regulatory attention. In August 2025, US and UK authorities sanctioned the Grinex exchange, identifying it as a successor to Garantex. Within four months of operation, $9.3 billion in A7A5-linked transactions were processed through the platform.

In October 2025, the European Union included A7A5 in its 19th sanctions package, prohibiting transactions with the token across the bloc and describing it as a potential tool for financing military activities.

Growth Continues Despite Restrictions

Despite these measures, A7A5’s reported metrics indicate continued expansion. Sanctions have not halted demand for alternative cross-border settlement channels within the ruble zone.

The broader context suggests that digital assets tied to national currencies may increasingly serve as parallel infrastructure for international payments, particularly in regions facing financial restrictions. Whether regulatory pressure will eventually constrain this growth remains an open question.