- A7A5 added about $89.5B in supply last year, outpacing USDT and USDC growth globally.
- The ruble-pegged token supports cross-border payment when traditional banking access limits.
- Ruble strength and capital controls boost interest in ruble-denominated on-chain settlement.
A ruble-pegged stablecoin called A7A5 recorded the strongest on-chain supply growth over the past year. Estimates show it added about $89.5 billion in circulating supply during the period. The increase exceeded supply growth for USDT and USDC in the same window.
A7A5 entered the market in January 2025 through A7 LLC, a cross-border payments firm. Western authorities have sanctioned entities linked to the project and its network. Even so, on-chain activity shows fast issuance and broad movement across wallets and protocols.
A7A5 Supply Growth Outpaced USDT and USDC
On-chain estimates indicate A7A5 expanded supply by about $89.5 billion over 12 months. Over the same period, USDT added about $49 billion in net supply. USDC added roughly $31 billion in net supply. The figures highlight how quickly the ruble stablecoin scaled.
Links to sanctioned actors have increased scrutiny around the token’s growth. Researchers have linked A7 LLC to Russia’s state-owned Promsvyazbank. They have also linked the network to Ilan Shor, a Moldovan businessman convicted in a $1 billion bank fraud case. The token uses a Kyrgyz issuer structure and circulates on Tron and Ethereum.
Cross-border Payments and DeFi Routes Drive Activity
Users have used A7A5 for cross-border payments when banks restrict transfers and settlements. The token can move ruble-denominated value on-chain without correspondent banking. That feature can reduce delays and rejection risks for certain payment corridors.
DeFi provides another path for A7A5 demand. Users can swap A7A5 into liquidity pools that connect with USDT markets. That route can offer access to deep stablecoin liquidity without direct dollar stablecoin custody. Tron support can also reduce transaction costs for some users.
Related: Telegram Bonds Worth $500M Frozen in Russia Under Sanctions
Sanctions Enforcement Tightens as The Ruble Adds Context
Sanctions remain central to A7A5’s market narrative. Authorities have targeted parts of the network tied to the token and its issuance chain. Investigators have also monitored large on-chain transfer volumes associated with Russian payment flows. The measures aim to narrow options for bypassing banking restrictions.
During the same year, the ruble strengthened sharply against the U.S. dollar, rising over 40%. Capital controls limited outflows and shaped local FX supply. Central bank actions also supported the currency through liquidity and policy tools. The FX move increased attention on ruble-denominated settlement instruments.
A7A5 has also increased its profile through industry marketing and event sponsorships. The project sponsored a major crypto conference in Singapore in 2025. Local rules limited Russia-related restrictions to licensed financial institutions in that context. That framework allowed sponsorships from non-bank entities.
Trading access still looks narrow compared with top stablecoins. Market data indicate no centralized exchange listings for A7A5. Traders access the token through decentralized venues, with Uniswap as a key market. The limited venue set can concentrate liquidity and increase slippage during volatility.
Furthermore, market participants now track A7A5 as a test case for sanction-era stablecoin usage. The token combines a local currency peg with global blockchain rails. It also connects to dollar liquidity through DeFi routing when needed. Regulators and compliance teams continue to monitor those channels.
In addition, the stablecoin’s growth also highlights demand for non-dollar settlement in restricted environments. Analysts compare issuance growth with real economic use and on-chain turnover. Moreover, the token’s presence on two major networks enables more flexible routing. However, sanctions exposure can limit counterparties and lead to tougher compliance checks across exchanges, wallets, and bridges.
