A7A5, a stablecoin backed by the Russian ruble and issued in Kyrgyzstan, has risen to become the largest non-US dollar stablecoin globally, despite being hit by numerous sanctions.
As of Monday, A7A5’s market capitalization reached nearly $500 million, representing about 43% of the total $1.2 billion market cap for non-US dollar stablecoins, according to CoinMarketCap data and DefiLlama.
“We have shown that a national digital currency can serve not only as an alternative to the dollar but also as a catalyst for global transformation,” A7A5 announced on its Telegram channel on Saturday.
This statement coincided with the project’s visibility at Token2049, a significant cryptocurrency event in Singapore, stirring discussions about sanctions compliance and its expanding global footprint.
A7A5: A brief timeline of sanctions
The A7A5 stablecoin was launched in February as a “token secured by a diversified collection of fiat deposits stored in trustworthy banks within Kyrgyzstan’s network.”
Backed 1:1 by Russia’s official currency, the ruble, A7A5 promised to provide a daily passive income equating to half of the interest from deposits. Initially, the token was released on two blockchain platforms: Ethereum and Tron.
Shortly after its launch, blockchain analysts associated A7A5 with Grinex, a cryptocurrency exchange perceived as a successor to the sanctioned Russian Garantex exchange.
In mid-August, the US Treasury announced sanctions against Garantex and related firms, indicating Moldovan oligarch Ilan Shor as the owner of A7A5’s issuer, the sanctioned bank Promsvyazbank PSB.
The United Kingdom also swiftly imposed sanctions on several banks in Kyrgyzstan, noting that Russia leveraged A7A5 to circumvent Western financial constraints.
A7A5 added $350 million in one day
In spite of extensive sanctions, A7A5’s market valuation has remained stable between $120 million and $140 million.
On Sept. 25, A7A5’s market cap skyrocketed by $350 million — a staggering 250% increase in a single day — positioning it as the largest non-US dollar stablecoin by value, ahead of Circle’s euro-pegged EURC (EURC), which stood at $252 million at the time.
This substantial rise in A7A5’s market cap occurred just before its showcase at Token2049, where it had a booth and executive Oleg Ogienko spoke on stage.
A7A5’s participation in the conference ignited debates within the cryptocurrency community, with many calling for compliance and the closure of regulatory gaps at industry gatherings.
Some researchers have connected A7A5’s expansion to relationships with China. “Trade with China has become the primary focus of A7’s activities thus far,” stated the nonprofit organization Centre for Information Resilience (CIR) in a report released Monday.
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CIR noted that “78% of A7 transactions occurred in Chinese territories according to data provided by the company in August 2025,” mentioning that the stablecoin is also rapidly expanding into Africa, establishing offices in Nigeria and Zimbabwe.
“Further investigation is necessary to thoroughly understand how funding circulates through the organization’s network, the potential involvement of financial institutions in facilitating its operations, and any connections to Russian political meddling,” CIR added.
Cointelegraph reached out to A7A5 for commentary on the stablecoin’s growth but did not receive a response before publication.
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