Russia’s ruble-pegged stablecoin A7A5 has recorded more than $100 billion in transaction volume in under a year, with roughly 250,000 transfers across over 41,000 wallet addresses, according to a Jan. 22 report by Elliptic. A7A5 is now used primarily as a bridge between the ruble and USDT, with total exchange trading volume reaching $17.3 billion.

However, Elliptic said that new issuance and daily trading activity have slowed sharply since mid-2025, following U.S., U.K., and EU sanctions targeting Russian-linked crypto infrastructure. Daily transaction volume has fallen from a peak of more than $1.5 billion to around $500 million, and no major A7A5 issuances have taken place since late July 2025.

The report also shows that A7A5 is becoming increasingly isolated from the broader crypto ecosystem, despite continuing to play a role in Russia’s cross-border trade. Meanwhile, Russia remains a major crypto market, with an estimated 20 million users and $376 billion in crypto received over the past 12 months.

Elliptic noted that only the issuer of A7A5 has the ability to blacklist wallet addresses, while Tether said it freezes USDT only in response to official legal requests.