#稳定币安全与风险 After reviewing this Chainalysis data, there are several details worth analyzing.

Russia received the equivalent of $376.3 billion in crypto assets in 2024-2025, maintaining its position as the top in Europe. This number itself is not news, but the structural changes behind it are key—shifting from USDT to A7A5, from Garantex to Grinex, the tighter the sanctions, the faster the shadow economy evolves.

The most noteworthy aspect is the evolution of the role of stablecoins. USDT used to be a tool for circumvention; now it has become a source of risk—freezing a USDT wallet with a balance of $280,000 is just the surface. The real issue is: once the dollar stablecoin is frozen, the entire OTC chain becomes fragile. This has driven Russia to launch A7A5 out of necessity. Ironically, any stablecoin trying to escape the dollar ultimately still relies on the same blockchain infrastructure—you cannot have both sovereignty and liquidity at the same time.

On-chain data shows A7A5 has a transaction volume of $6-8 billion within four months, concentrated during Moscow working hours on weekdays. This indicates that it is not retail activity but structured corporate settlements. The backing by Promsvyazbank signifies that the financial attributes have been fully elevated from civilian to state level.

A key point to monitor is: when sovereign stablecoins become tightly coupled with local trading platforms, the effectiveness of sanctions essentially depends on the global distribution of blockchain nodes. As long as enough third-country nodes continue to operate, this system remains resilient. The EU sanctions on A7A5 are more of a political statement; on-chain enforcement is the real limiting factor.

The security issues of stablecoins here are not technical but geopolitical.