The ruble-pegged stablecoin logged more than $102 billion in cumulative trading after launching in early 2025, but activity and issuance slumped after U.S., UK and EU sanctions and tighter Russian rules.
A7A5, a ruble-pegged stablecoin backed by a sanctioned Russian state bank, recorded more than $102 billion in cumulative trading after launching in early 2025 before its activity fell sharply. Average daily volume has dropped about 96% from its July 2025 peak, and new issuance stopped in July 2025 as U.S., UK and EU sanctions, along with tighter Russian domestic regulation, hit fiat access, trading and redemption. The decline underscores how stablecoins can be used to move value outside traditional financial channels, while also showing how sanctions and regulatory pressure can quickly reduce a token's utility and market activity.