The Russian ruble-backed A7A5 stablecoin processed more than $110 billion in cumulative onchain transactions and captured about 43% of the global non-US dollar stablecoin market despite Western sanctions, according to CertiK. The security company said A7A5's holder count rose from 13,000 wallets in February 2025 to 29,000 wallets in May 2026. The European Union's 19th sanctions package, adopted on Oct. 23, 2025, prohibited transactions involving A7A5 from Nov. 12. CertiK described A7A5 as one of the clearest examples of a sanctions-evasion stablecoin ecosystem, linking it to Russian cross-border settlement companies co-owned by Moldovan-Russian oligarch Ilan Shor and Promsvyazbank, a Russian state-owned lender linked to the defense sector. The token's reserve structure places key assets outside direct Western enforcement reach, making it a test case for whether sanctions regimes designed for banks and payment processors can contain blockchain-based settlement systems.
Old Vector LLC Issued A7A5 in January 2025 with Non-Western Reserve Structure
A7A5 was issued in January 2025 by Old Vector LLC, a Kyrgyz entity acting on behalf of A7 LLC, a Russian cross-border settlement firm. A7 LLC is co-owned by Moldovan-Russian oligarch Ilan Shor and Promsvyazbank, a Russian state-owned lender linked to the defense sector. Russian authorities later recognized A7A5 under the country's digital financial asset framework.
CertiK said A7A5's reserves sit largely in Central Asian banking networks, especially Kyrgyzstan, and in Russia's banking system. According to CertiK analyst Jonathan Riss, the smart contracts responsible for wallet and fund freezes are controlled by Russian and Kyrgyz developers. Ilan Shor owns 51% of A7 LLC. He was convicted by a Moldovan court in connection with a 2014 theft of about $1 billion from 3 Moldovan banks, fled Moldova in 2019, obtained Russian citizenship, and was sentenced in absentia to 15 years in prison in 2023. He currently resides in Moscow.
Grinex Processed $11.2 Billion in A7A5/RUB Trading Volume
A7A5 recorded $11.2 billion in trading volume across A7A5/RUB and $6.1 billion in A7A5/USDT trades, primarily through Grinex. Grinex is described as the successor to Garantex, a platform previously linked to laundering activity tied to Conti, Black Basta, LockBit, and some funds attributed to North Korean-linked actors. Garantex also received $30 million connected to the 2022 Horizon Bridge hack in February 2023.
A7A5 also relies on decentralized finance liquidity pools, including Curve and Uniswap, to reduce dependence on centralized exchanges.
US Secret Service Seized Garantex Domain in March 2025
The US Secret Service seized the Garantex domain in March 2025, while Tether froze about $28 million in USDT held by Garantex-controlled wallets. Riss said Western actions are aimed at "the physical and digital choke points," even if regulators cannot rewrite Ethereum or Tron to remove A7A5.
FAQ
What is A7A5 and how much transaction volume has it processed?
A7A5 is a Russian ruble-backed stablecoin issued in January 2025 by Old Vector LLC, a Kyrgyz entity acting on behalf of A7 LLC, a Russian cross-border settlement firm. According to CertiK, A7A5 has processed more than $110 billion in cumulative onchain transactions and captured about 43% of the global non-US dollar stablecoin market.
When did the European Union prohibit transactions involving A7A5?
The European Union's 19th sanctions package, adopted on Oct. 23, 2025, prohibited transactions involving A7A5 from Nov. 12. Despite the sanctions, A7A5's holder count rose from 13,000 wallets in February 2025 to 29,000 wallets in May 2026.
What enforcement actions did Western authorities take against Garantex?
The US Secret Service seized the Garantex domain in March 2025, while Tether froze about $28 million in USDT held by Garantex-controlled wallets. Garantex is described as a platform previously linked to laundering activity and received $30 million connected to the 2022 Horizon Bridge hack in February 2023.
