Russia-Linked Stablecoin’s Transactions Top $100 Billion in Year

The ruble-backed stablecoin created to circumvent sanctions on Russia has surpassed $100 billion in transactions in less than a year since its launch — even as the token itself faces ongoing restrictions.

Trading volumes for A7A5, which is issued on Ethereum and Tron crypto networks, have reached $17.3 billion, with nearly 250,000 transactions made by 41,300 distinct accounts, accordingto blockchain analytics firm Elliptic.

Despite high transaction volumes, there are indications that demand for the stablecoin has stalled. Daily transaction volumes have declined from a peak of over $1.5 billion to around $500 million, and no major new issuances of ...