Russian Ruble-Backed A7A5 Stablecoin Moves Over $6B Despite US Sanctions

The Russian ruble-backed stablecoin A7A5 has facilitated over $6 billion in cross-border transactions since August 2025, despite Western sanctions on some of its key operators, including exchanges Grinex and Garantex and the state-backed Promsvyazbank. Russian financial institutions now formally support this stablecoin within officially recognized settlement platforms, signaling Moscow's strategy to bypass Western-controlled financial systems by using blockchain-based assets. Following U.S. sanctions, operators destroyed over 80% of A7A5's supply linked to blacklisted wallets and reissued tokens to new addresses, effectively erasing transaction history and maintaining liquidity while evading regulatory scrutiny. This activity pattern aligns with professional trading desks operating during Moscow business hours, indicating serious commercial use rather than speculation. Meanwhile, the global stablecoin market surged in Q3 2025, with net creations hitting approximately $46 billion, led by Tether’s USDT, Circle’s USDC, and Ethena’s USDe, reflecting renewed investor demand and expanding use cases for stablecoins in decentralized finance and cross-exchange settlements. This global surge contrasts with Russia's targeted use of stablecoins as a tool to sustain trade flows amid sanctions, illustrating the dual role of stablecoins in both mainstream financial markets and geopolitical financial maneuvering.