A ruble-backed stablecoin linked to sanctioned Russian financial networks processed more than $100 billion in onchain transactions in less than a year, according to a new report from blockchain analytics firm Elliptic.
In a report published Thursday, Elliptic said the A7A5 stablecoin was designed to operate within a broader framework intended to reduce exposure to Western financial sanctions. The structure allowed Russian-linked businesses to move value through crypto markets while limiting the risk of asset freezes.
Elliptic found that A7A5’s…
