The ruble-backed stablecoin A7A5, created to help bypass Western sanctions, has all but lost its original purpose. According to data from Elliptic, the token’s average daily transaction volume had fallen by 96% by June 2026 compared to its peak a year earlier. The issuance of new tokens stopped in the summer of 2025, while its main trading platform has since ceased operations. Analysts believe the decisive factor was not the sanctions themselves but the loss of access to liquidity.
A7A5 smart contracts continue to operate on the Ethereum and Tron networks. However, sanctions imposed by the United States, the European Union, and the United Kingdom have significantly limited the token’s use through crypto exchanges and other crypto exchange services. According to Elliptic, blockchain analytics made it possible to identify assets linked to A7A5, causing users to face account freezes and compliance checks on USDT after exchanging the token.
The project’s infrastructure also suffered a major setback. In April 2026, Grinex, the exchange that provided most of A7A5’s liquidity, disabled deposits via bank cards. It later reported the theft of more than RUB 1.0 B in customer assets, or approximately $15.0 M. After that, the market effectively lost its only major trading venue for the token.
A7A5 was launched in January 2025 as a ruble-backed stablecoin designed for cross-border settlements. The project is linked to the Russian company A7, and its largest shareholders include Ilan Shor and Promsvyazbank, which is under sanctions.
Elliptic believes the story of A7A5 highlights the limitations of such schemes. Even if the token itself cannot be blocked, sanctions combined with blockchain analytics can deprive it of liquidity and cut off access to the global crypto infrastructure.
At the same time, Russia has not abandoned the use of crypto assets in foreign trade. The law passed by parliament maintains the ban on using cryptocurrency for domestic payments but allows its use in international trade starting on September 1, 2026.