A7A5 has surged to become the third-largest stablecoin on the Tron blockchain by volume, as sanctions-hit countries like Russia push illicit onchain finance to stratospheric heights.
Transfers to the ruble-pegged stablecoin exceeded $464 million on March 11, Russian media outlet RBC reported, quoting data from Tronscan.
The surge is partly driven by Russian businesses that have been cut off from the SWIFT payments system and are increasingly turning to stablecoins to sidestep sanctions, James Brownlee, co-founder and CEO of the stablecoin settlement platform T-0 Network, told DL News.
“As large issuers have demonstrated stringent sanctions controls and the ability to freeze assets effectively, Russian businesses have turned to [A7A5] in droves,” Brownlee said.
The uptick in A7A5 transactions comes as total illicit transaction volumes hit $154 billion in 2025, largely driven by sanctions-busting entities in Iran, North Korea, and Russia, according to a recent Chainalysis report.
The value received by sanctioned entities rose by more than 690% last year compared to 2024.
A7A5 is playing a key role in this uptick, according to blockchain analytics firm TRM Lab.
“Sanctions-related activity in 2025 was overwhelmingly driven by Russia-linked flows, largely due to the rapid growth of the ruble-pegged stablecoin A7A5, which processed more than $72 billion in total volume,” the company said in a January report.
A5A7’s rise on Tron also comes as Russian political leaders say they want to fast-track stablecoin regulations as Moscow continues its crypto pivot.
A senior finance ministry chief this month said stablecoins “hold colossal potential” for the Russian economy.
Tron didn’t immediately return a request for comment.
What is A7A5?
Stablecon issuer Old Vector, a Kyrgyzstan-based company, launched A7A5 in January 2025.
The Office of Foreign Assets Control in the US and the Office of Financial Sanctions Implementation in the UK sanctioned entities tied to the stablecoin in August 2025. In October that year, the European Commission‘s 19th sanctions package issued a transaction ban on A7A5.
Since then, it has reached a total value of $494 million and a circulating supply of $39 billion, according to data from DefiLlama.
Of that, just under 99% of stablecoin usage occurs on the Tron blockchain, while the remainder is conducted on Ethereum.
The token is the first stablecoin to be granted “foreign digital rights” status by the Russian central bank, which approved it for use in overseas trade deals in October.
The bank has allowed Russian firms to use the coin in “overseas economic activity and digital payment infrastructure.”
Many Western countries, including the UK, have sanctioned exchanges that allow their customers to trade the coin.
“If the Kremlin thinks they can hide their desperate attempts to soften the blow of our sanctions by laundering transactions through dodgy crypto networks — they are sorely mistaken,” UK Sanctions Minister Stephen Doughty said in a statement in August.
