A7A5, Russian ruble-backed stablecoin issued in Kyrgyzstan has overtaken EURC as the largest non-USD pegged stablecoin in the world with a market cap nearing $500 million.
According to data from DeFi Llama, the ruble-backed stablecoin value has skyrocketed by 43% in one day, bringing the token’s market cap up by $473.58 million. It raced past the reigning champion, Circle’s euro-pegged EURC (EURC), which possessed a market cap of $254 million.
The token’s market cap makes up about 40.79% of the total stablecoin market capitalization, which currently stands at $1.16 billion.
In a Telegram post, the stablecoin celebrated its milestone achievement of becoming the world’s largest non-USD stablecoin. The project predicted that by 2028, the portion of non-dollar stablecoins could rise to 20% as it continues to expand its token utilities.
“We have already proven that a national digital currency can be not only an alternative to the dollar but also a driver of global change,” said the project in a translated Telegram post.
The surge in value comes only two days after the project made an appearance at Singapore’s Token2049 convention.
At the conference, Director of International Development at A7A5 Oleg Ogienko talked about the project’s product line which includes solutions that would enable users to convert fiat-currency into A7A5 and vice versa. Moreover, the project plans to introduce Russian domestic debit and credit cards linked to A7A5 to allow foreign citizens to convert their currency into ruble-backed stablecoins.
“We are confident that the future belongs to non-dollar stablecoins, and A7A5 plays a leading role in this process,” said Ogienko at Token2049.
However, its presence at the event also raised questions about the token’s compliance. Just a day prior to the recent surge, the Russian ruble-backed stablecoin was reportedly used to move more than $6 billion across borders since August 2025, despite some of its key operators being hit by Western sanctions.
According to the Telegram post, A7A5 is described as a token supported by a “diversified portfolio of fiat deposits held in reliable banks within Kyrgyzstan’s network.” It is issued under the Kyrgyz legislation and claims to be backed on a 1:1 ratio to the Russian ruble.
A7A5 offers holders daily passive income, representing half of the interest earned on its backing deposits. The token was first released on the Ethereum (ETH) and Tron (TRX) blockchains.
Shortly after its debut in February, analysts linked the ruble-backed stablecoin to Grinex, a crypto exchange widely seen as the successor to the sanctioned Russian Garantex exchange. In mid-August, The U.S. treasury previously sanctioned Garantex and related entities, including the Russian bank Promsvyazbank PSB.
As previously reported by crypto.news, blockchain data revealed that more than 80% of the total A7A5 supply was destroyed and reissued right after new sanctions were announced on wallets linked to Grinex.
Not only that, the United Kingdom also imposed sanctions on several banks in Kyrgyzstan, reporting that Russia used A7A5 to bypass Western financial restrictions.
Most recently, Bloomberg reported that the European Union said it was considering deploying sanctions against A7A5. The sanctions would prohibit EU-based organization or individuals from engaging with the token through third parties.
Several banks from Russia, Belarus, and Central Asia are also jumping on the initiative, as they believe that entities are using A7A5 to bypass sanctions through crypto transactions.
