Blockchain analytics firm Elliptic said on July 29 that A7A5, a ruble-denominated stablecoin backed by a sanctioned Russian state-owned bank, transferred more than $100 billion in its first year after launch and was used to bypass Western sanctions. The firm said the token’s scale has now shrunk by 96%.
Elliptic added that while A7A5’s smart contract is still operational, a stablecoin only holds practical value if it can be redeemed. After the US, UK and EU sanctioned the network behind A7A5, on-chain funds linked to the token were clearly marked as sanctioned. According to Elliptic, mainstream trading platforms typically screen deposit addresses for compliance, and blockchain analytics tools can trace related flows and support freezes or interdictions.
The firm said that even if A7A5 itself cannot be frozen, its real circulation capacity would still face severe limits once fiat on- and off-ramps and trading access are blocked.
BlockBeats reported on July 29 that blockchain analytics firm Elliptic said A7A5, a ruble stablecoin backed by a sanctioned Russian state-owned bank, moved more than $100 billion during its first year after launch and was used to circumvent Western sanctions.
Elliptic said the token’s scale has now fallen by 96%. The firm added that although A7A5’s smart contract remains functional, a stablecoin only has real value if holders can redeem it.
After the US, UK and EU imposed sanctions on the network behind A7A5, the token’s on-chain funds were given a clear sanctioned label. Elliptic said mainstream trading platforms generally run compliance screening on deposit addresses, and blockchain analytics tools can identify related fund flows and support freezing or blocking those assets.
The firm also said that even if A7A5 itself cannot be frozen, its practical ability to circulate would be severely constrained as long as its fiat entry and exit channels and trading access are disrupted.
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