- A7A5 is a ruble-backed stablecoin launched in January 2025 to help Russian businesses avoid Western sanctions.
- The token has moved more than $100 billion in transactions and shows $17.3 billion in exchange volume within a year.
- Most trading occurs against USDT and rubles on Kyrgyzstan-based exchanges Grinex and Meer, and on an A7A5 DEX.
- New services include PSB card purchases, a virtual debit card called Stablepay, and physical “Digital Promissory Notes”.
- Sanctions and exchange actions, such as a Uniswap blocklist and account freezes tied to A7A5-linked USDT deposits, have limited its growth.
A7A5 is a ruble-backed stablecoin issued in January 2025 by Old Vector LLC on the Ethereum and Tron blockchains. The coin was created by Russian firm A7 LLC, whose main shareholders include Ilan Shor and state-linked bank Promsvyazbank (PSB). The project aims to give Russian businesses access to USDT liquidity while reducing exposure to wallet freezes.
On-chain data shows A7A5 transactions have now exceeded $100 billion since launch. There have been about 250,000 transactions from 41,300 distinct accounts, and 35,500 accounts now hold A7A5, up from 14,000 in July 2025.
Total exchange volume reached $17.3 billion, led by A7A5/ruble trades ($11.2 billion) and A7A5/USDT trades ($6.1 billion). Trading is concentrated on Kyrgyzstan-based exchanges Grinex and Meer, plus the A7A5 DEX. Liquidity provision of USDT to the DEX fell sharply from roughly $150 million daily in July 2025 to about $0.5 million per week by November 2025; the issuer supplied $2.3 billion in USDT liquidity overall.
New services launched in late 2025 include PSB card purchases (about $26 million bought), the Stablepay virtual debit card, and “Digital Promissory Notes”, of which 2,300 have been redeemed for $8.6 million in A7A5.
Sanctions have affected issuance and use. No major new minting occurred after late July 2025, circulation stands at about $547 million, and daily transferred value fell from over $1.5 billion to roughly $500 million. Actions include a Uniswap token blocklist in November 2025 and reports of account freezes after USDT deposits traced to A7A5; the US Secret Service seized Russian exchange assets in a related action, including the seizure of Garantex’s USDT holdings with assistance from Elliptic.
A7A5 has scaled rapidly but faces growing isolation from major exchanges and payment services due to sanctions and compliance measures.
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