Elliptic: Russia-linked A7A5 ruble stablecoin moved $100B on-chain before sanctions
Blockchain analytics firm Elliptic found that A7A5, a ruble‑pegged stablecoin tied to Russian financial networks, processed over $100 billion in on‑chain transfers across multiple chains (Ethereum, TRON, etc.) within about a year of its launch. Elliptic’s analysis shows A7A5 primarily functioned as a directed settlement tool that bridged ruble value into USDT liquidity, enabling Russian‑linked entities to convert ruble exposure into the larger USDT market while reducing long‑term exposure to wallets at risk of freezes. Activity was concentrated on a small number of venues, including a Kyrgyz exchange and project infrastructure, and roughly 41,000 addresses interacted with the token. The token’s dual‑chain issuance and centralized governance (issuer can freeze assets and blacklist addresses) helped rapid adoption but also raised compliance and counterparty risk. Growth accelerated early but slowed after mid‑2025 as enforcement and infrastructure sanctions curtailed flows: US sanctions in August 2025 reduced USDT liquidity into A7A5 DEXs, the EU sanctioned A7A5 in October 2025, and Uniswap blacklisted the token in November 2025. Elliptic concludes A7A5 illustrates how non‑USD stablecoins can facilitate sanctioned trade yet remain vulnerable to enforcement, suggesting a structural ceiling unless geopolitical or market conditions change. Traders should watch liquidity fragmentation, exchange and DEX delistings/blacklists, USDT/A7A5 and ruble‑pair flows, on‑chain swap volumes, and regulatory actions that could affect ruble‑linked tokens and broader stablecoin listings.
Bearish
The news is bearish for A7A5 specifically and negative for similar ruble‑linked/non‑USD stablecoins. Elliptic’s findings show A7A5 was widely used as a ruble→USDT bridge, but centralized control and concentrated venue activity made it an easy enforcement target. Sanctions, reduced USDT liquidity into A7A5 DEXs, and delistings (Uniswap blacklist) materially reduced usable liquidity and on‑chain volume. For traders this implies diminished market depth, higher slippage, and elevated counterparty and regulatory risk for A7A5 and comparable tokens. Short term: expect sell pressure, thin order books on venues that still list the token, and periodic spikes in volatility when enforcement news appears. Long term: persistent regulatory risk caps adoption and utility; unless governance, issuer transparency, and on‑ramp/off‑ramp sources change, price recovery is limited and delisting risks remain. Indirectly, the story may increase scrutiny on stablecoins generally, but primary negative pressure is on A7A5 and similarly structured ruble‑pegged tokens.