Sanctions Wipe Out $100 Billion Stablecoin in Weeks

The A7A5 stablecoin has collapsed after losing 96% of its value and trading at $0. The token was linked to a sanctioned Russian state bank, which was targeted by the U.S., U.K., and E.U. in their sanctions packages.

A7A5 processed over $100 billion in transactions in its first year but is now unable to be converted due to the sanctions imposed on its reserve holder.

Despite the smart contracts remaining technically operational, users holding A7A5 are unable to exchange it for other currencies or assets through any compliant venue.