The U.S. Department of the Treasury (OFAC) has just slashed A7A5, a stablecoin pegged to the Russian ruble, along with its developer A7 LLC and related entities, following similar actions from the UK and EU. The price of A7A5 fell 13% to 0.0105 USD, but confidence in other stablecoins like Tether (USDT) remains unaffected, although data shows that USDT is involved in many transactions.
Launched in Kyrgyzstan in 2025, A7A5 quickly took the lead in the ruble stablecoin market, processing up to 41.2 billion USD in transactions, with a market cap of 521 million USD. A7 LLC co-owns with the Russian state-owned bank Promsvyazbank, while the issuer Old Vector LLC is also under sanctions.
A7A5 has grown significantly after the Garantex exchange was dismantled, taking over its role through Grinex. OFAC has also placed Garantex co-founder Sergey Mendeleev and related entities, including Exved and Indefi Smartbank, on the sanctions list.
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