Elliptic(@elliptic):A7A5 has failed. The ruble stablecoin, backed by a sanctioned Russian state bank, moved over $100 billion evading Western sanctions in its first year. Today, it's down 96%. While its smart contracts continue to function, the token is only useful if it can be converted. When the US, UK and EU sanctioned the network behind A7A5, the token began carrying a visible sanctioned history. Mainstream exchanges screen every deposit, and blockchain analytics make those funds visible, after which they can be frozen or blocked. A7A5 itself may be unfreezable, but that doesn't matter if its entry or exit points don't work.

2026.07.29 09:11

A7A5 has failed. The ruble stablecoin, backed by a sanctioned Russian state bank, moved over $100 billion evading Western sanctions in its first year. Today, it's down 96%. While its smart contracts continue to function, the token is only useful if it can be converted. When the US, UK and EU sanctioned the network behind A7A5, the token began carrying a visible sanctioned history. Mainstream exchanges screen every deposit, and blockchain analytics make those funds visible, after which they can be frozen or blocked. A7A5 itself may be unfreezable, but that doesn't matter if its entry or exit points don't work.