Ruble-Linked Stablecoin A7A5: Supply, Sanctions and 2025 Volume

A7A5 is a ruble-linked stablecoin issued in Kyrgyzstan and tied to a Russian cross-border payments network. It is small by supply, but blockchain analytics firms say it moved tens of billions of dollars in 2025, and the US, UK and EU have all sanctioned the companies behind it.

An earlier version of this article described A7A5’s 2025 growth as an increase in supply. That was wrong. The large 2025 numbers describe transaction volume, not supply. This updated version separates the two and adds the sanctions timeline from official notices.

Key Takeaways

A7A5 supply was about 39.2 billion tokens, roughly $465 million, on September 28, 2026 (DefiLlama).
Chainalysis estimates A7A5 facilitated $93.3 billion in transactions in about 10 months (Chainalysis), while TRM Labs counts more than $72 billion in 2025 volume (TRM Labs).
OFAC sanctioned the issuer Old Vector, the A7 network and the Grinex exchange on August 14, 2025 (US Treasury).
The UK followed on August 20, 2025, and the EU banned transactions involving A7A5 in its 19th sanctions package (European Commission).
For compliance teams, A7A5 exposure is a sanctions risk in the US, UK and EU, not a trading opportunity.

What Is A7A5?

A7A5 is a token pegged to the Russian ruble. According to the US Treasury, it is issued by Old Vector, a firm in Kyrgyzstan, and was created for Russian customers of A7, a firm that provides cross-border settlement platforms used for sanctions evasion. Treasury says A7 is owned by the sanctioned Moldovan businessman Ilan Shor and the sanctioned Russian state bank Promsvyazbank (PSB) (US Treasury).

Elliptic reports that the first A7A5 issuance took place on January 28, 2025, and that each token is claimed to be backed 1:1 by ruble deposits held at PSB (Elliptic). The token runs on Ethereum and Tron (DefiLlama).

The Garantex and Grinex connection

Treasury says that after law enforcement disrupted the Garantex exchange in March 2025, Garantex moved its funds to a successor exchange, Grinex, and let customers regain access to their balances in A7A5. Treasury adds that representatives for Shor had met Garantex officers to set up A7A5 trading before those actions (US Treasury).

Supply vs. Transaction Volume

Supply is the number of tokens in circulation. A7A5 supply was about 11.5 billion tokens on July 1, 2025 and jumped to about 39.2 billion by August 1, 2025. It peaked at about 45.4 billion in July 2026 and was back near 39.2 billion on September 28, 2026 (DefiLlama). In US dollar terms that is roughly $465 million, far below USDT and USDC, which together exceed $250 billion (DefiLlama).

Transaction volume counts how much value moves on-chain, and the same token can be transferred many times. In July 2025 Elliptic reported more than $1 billion a day moving through A7A5 and $41.2 billion in cumulative transfers, when supply was worth about $521 million (Elliptic).

For the full year, estimates differ by provider and method. Chainalysis puts A7A5 transactions at $93.3 billion in under a year (Chainalysis). TRM Labs reports more than $72 billion in A7A5 volume in 2025, plus at least $39 billion linked to the A7 wallet cluster, and describes the activity as highly concentrated rather than broad market usage (TRM Labs). These figures should not be added together.

Sanctions Timeline

August 14, 2025, United States: OFAC re-designated Garantex and designated Grinex, A7 and its subsidiaries, and Old Vector (US Treasury).
August 20, 2025, United Kingdom: The UK sanctioned Grinex, Old Vector and others, saying A7A5 had moved $9.3 billion on a dedicated exchange in four months (GOV.UK).
October 23, 2025, European Union: The 19th package imposed sanctions on A7A5’s developer, its Kyrgyz issuer and a related trading platform, and for the first time prohibited the use of the token itself (European Commission).

Elliptic notes that the EU measure goes further than the US and UK actions by explicitly banning direct or indirect transactions involving A7A5 for persons in the EU (Elliptic).

Why A7A5 Matters for the Stablecoin Market

A7A5 shows that a stablecoin does not need a large supply to move large sums. High velocity through a small float is enough to settle trade payments, which is why analysts focus on volume and counterparties rather than market cap.

It also shows how sanctions are adapting to crypto. Chainalysis says the Instant Swapper service converting A7A5 into USD-pegged stablecoins has handled more than $2.2 billion (Chainalysis). Exchanges and stablecoin issuers now screen for A7A5-linked addresses, and US-dollar coins can be frozen at the issuer level, which is one reason a ruble token was created in the first place.

For legitimate businesses, the lesson is practical: know which tokens and counterparties touch your flows, because sanctions exposure can arise indirectly through swaps and intermediaries.

Conclusion

A7A5 did not outgrow USDT or USDC. Its supply is a few hundred million dollars. What made it notable in 2025 was the volume it moved, estimated at $72 billion to $93.3 billion depending on the analytics firm, and the coordinated US, UK and EU sanctions that followed.

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FAQs:

1. What is A7A5?

A ruble-pegged stablecoin issued by Kyrgyzstan-based Old Vector, first issued in January 2025, running on Ethereum and Tron.

2. Did A7A5 grow faster than USDT and USDC?

Not by supply. A7A5 supply is about $465 million, while USDT alone is about $183.7 billion (DefiLlama). Its transaction volume was large relative to its size.

3. Is A7A5 sanctioned?

Its issuer and related companies are sanctioned by the US and UK, and the EU prohibits transactions involving the token itself.

4. Which networks does A7A5 use?

Ethereum and Tron.

5. What are the risks?

Sanctions exposure is the main risk for anyone outside Russia. Holders also depend on claimed ruble reserves at a sanctioned bank and on ruble exchange-rate volatility.

Disclaimer:

This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.