The Russian ruble stablecoin A7A5 has transferred over $100 billion in the past year, but its market value has now shrunk by 96%.

BlockBeats news, on July 29, blockchain analytics firm Elliptic published an article stating that the ruble stablecoin A7A5, supported by sanctioned Russian state-owned banks, transferred over 100 billion US dollars in its first year online, being used to circumvent Western sanctions. Now, the size of this token has shrunk by 96%.

Elliptic pointed out that although the smart contract of A7A5 can still function normally, a stablecoin only has real value if it can be redeemed. After the US, UK, and EU imposed sanctions on the network behind A7A5, the token's on-chain funds have been clearly labeled as "sanctioned".

Mainstream trading platforms often conduct compliance screening on deposit addresses, utilizing on-chain analytics tools to identify the relevant capital flow and freeze or block the funds. Even if A7A5 itself cannot be frozen, as long as its fiat entry and exit points and trading gateways are blocked, its actual circulation ability will be severely restricted.