The Russian ruble-backed stablecoin A7A5, issued by Kyrgyzstan, has become the largest non-USD stablecoin globally despite facing multiple sanctions.
According to data from CoinMarketCap and DefiLlama, A7A5's market capitalization reached nearly $500 million on Monday, accounting for approximately 43% of the total market cap of non-USD stablecoins, which stands at $1.2 billion.
"We have proven that national digital currencies can not only serve as an alternative to the dollar but also drive global change," A7A5 wrote on its Telegram channel on Saturday.
This statement comes as the project garnered attention at Token2049, a major crypto industry event in Singapore, where its presence raised questions about sanction compliance and the project's increasing international exposure.
The A7A5 stablecoin was launched in February as a "token backed by a diversified portfolio of fiat deposits held by reliable banks within the Kyrgyz banking network."
A7A5 is pegged 1:1 to the Russian national currency, the ruble, and promises to distribute daily passive income equivalent to half of the deposit interest. The token was initially issued on both the Ethereum and Tron blockchain networks.
Shortly after its debut, blockchain analysts linked A7A5 to Grinex, a cryptocurrency exchange widely regarded as the successor to the sanctioned Russian exchange Garantex.
In mid-August, the U.S. Treasury announced sanctions against Garantex and related entities, highlighting that Moldovan oligarch Ilan Shor is the issuer of A7A5—owner of the sanctioned Russian bank Promsvyazbank PSB.
The UK also quickly imposed sanctions on several banks in Kyrgyzstan, reporting that Russia is using A7A5 to circumvent Western financial restrictions.
Despite facing widespread sanctions, A7A5's market cap has remained stable between $120 million and $140 million.
On September 25, A7A5's market cap surged by $350 million—a single-day increase of 250%—making it the most valuable non-USD stablecoin, surpassing Circle's euro-pegged EURC, which was valued at $252 million at the time of writing.
The sharp rise in A7A5's market cap occurred just days before the project appeared at Token2049, where it set up a booth and executive Oleg Ogienko took the stage to speak.
A7A5's presence at the conference sparked controversy within the crypto community, with many calling for compliance in industry events and to "close regulatory loopholes."
Some investigators have linked A7A5's growth to connections with China. "Trade with China has become the dominant focus of A7's activities to date," the nonprofit organization Center for Information Resilience (CIR) stated in a report on Monday.
The CIR report noted, "According to data shared by the company in August 2025, 78% of A7 transactions are conducted through Chinese jurisdictions," adding that the stablecoin is also expanding significantly into Africa, with offices in Nigeria and Zimbabwe.
"Further research is needed to fully understand how funds flow through the organization's network, the potential role of financial institutions in facilitating its operations, and any connections to Russian political interference schemes," CIR added.
Cointelegraph sought comments on the growth of the stablecoin from A7A5 but did not receive a response before publication.
Related: Stablecoin market surges to $300 billion, boosting crypto market rally
Original article: “Despite facing multiple sanctions, ruble-backed A7A5 stablecoin becomes largest non-USD stablecoin”
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