Russian Ruble-Backed Stablecoin Thrives Despite Sanctions

A7A5, a ruble-backed stablecoin, has emerged as one of the key examples of a sanctions-evasion ecosystem in the blockchain world.

The stablecoin has processed over $110 billion in cumulative on-chain transactions and captured about 43% of the global non-US dollar stablecoin market share, according to CertiK.

A7A5's design and reserve structure have allowed it to evade the reach of Western sanctions, including the European Union's 19th package, which prohibited transactions involving A7A5 from November 12, 2025.