Russian ruble stablecoin A7A5 grows despite Western sanctions: CertiK
CertiK says the ruble-backed stablecoin A7A5 has grown rapidly despite Western sanctions, reaching over $110 billion in cumulative onchain transactions, about 43% of the global non-US dollar stablecoin market, and expanding wallet holders from 13,000 to 29,000 between February 2025 and May 2026. A7A5 is presented as a major sanctions-evasion payment tool tied to Russian cross-border settlement firms and designed to keep issuance, reserves, and freeze controls outside Western reach. Issued in January 2025 by Kyrgyz firm Old Vector LLC on behalf of A7 LLC, A7A5 is linked to Ilan Shor and Promsvyazbank. Trading has been concentrated on Grinex, the successor to Garantex, with large A7A5/RUB and A7A5/USDT volume. The EU banned A7A5 transactions in its 19th sanctions package, but CertiK says reserves held in Kyrgyz and Russian banking networks limit direct enforcement.
