Blockchain analytics firm Elliptic has revealed that the ruble-pegged stablecoin A7A5 has surpassed $100 billion in cumulative on-chain transactions within less than a year of its launch. The stablecoin has been primarily used by Russian entities to circumvent Western sanctions. Trading volume on exchanges reached approximately $17.3 billion, with significant activity on Kyrgyzstan's Grinex exchange, where A7A5 is exchanged for USDT, acting as a bridge asset between the ruble and USDT. However, following its inclusion on sanction lists by the US, UK, and EU, A7A5's activity has significantly cooled. Daily trading volumes have dropped from $1.5 billion to around $500 million. Additionally, Uniswap has blocked the token, and several major exchanges have begun freezing related accounts.
Elliptic Reports $100 Billion in Transactions for Sanctioned Stablecoin A7A5
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