The ruble-pegged stablecoin A7A5 has experienced a significant increase in on-chain circulation, adding approximately $89.5 billion over the past year. Launched in early 2025, A7A5 is designed to facilitate cross-border payments for Russian users amid banking restrictions and to provide liquidity through DeFi platforms. According to Artemis data, the growth rate of A7A5 has surpassed that of major stablecoins USDT and USDC, which saw increases of about $49 billion and $31 billion, respectively, in the same period. Meanwhile, the ruble has appreciated over 40% against the dollar due to capital controls and central bank measures.