According to DeFi Llama data, the ruble-backed stablecoin A7A5 saw its value surge 43% in a single day, boosting its market capitalization by $473.58 million. This leap allowed the token to surpass Circle’s euro-pegged EURC, which had a market cap of $254 million.
A7A5 now accounts for roughly 40.79% of the total stablecoin market, which currently sits at $1.16 billion.
In a Telegram post, the project celebrated its milestone of becoming the world’s largest non-USD stablecoin and projected that by 2028, non-dollar stablecoins could make up 20% of the market as its token utilities continue to expand.
“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,” the project stated in a translated Telegram post.
The token’s rapid surge follows just two days after its participation at Singapore’s Token2049 convention.
At the Token2049 conference, A7A5’s Director of International Development, Oleg Ogienko, highlighted the project’s expanding product line, including solutions that allow users to convert fiat currencies into A7A5 and vice versa. The project also plans to launch Russian domestic debit and credit cards linked to A7A5, enabling foreign citizens to convert their funds into ruble-backed stablecoins.
“We are confident that the future belongs to non-dollar stablecoins, and A7A5 plays a leading role in this process,” Ogienko said at the event.
However, the token’s presence at the conference raised questions about compliance. Just a day before the recent surge, reports indicated that A7A5 had been used to move over $6 billion across borders since August 2025, despite some of its key operators being subject to Western sanctions.
A7A5 and Sanctions
According to its Telegram post, A7A5 is backed by a “diversified portfolio of fiat deposits held in reliable banks within Kyrgyzstan’s network” and is issued under Kyrgyz legislation, with a 1:1 peg to the Russian ruble. Holders of A7A5 also earn daily passive income, representing half of the interest generated from its backing deposits. The stablecoin was initially launched on the Ethereum and Tron blockchains.
Analysts have linked A7A5 to Grinex, a crypto exchange regarded as the successor to the sanctioned Russian Garantex exchange. In mid-August, the U.S. Treasury sanctioned Garantex and related entities, including the Russian bank Promsvyazbank (PSB). Blockchain data later revealed that over 80% of A7A5’s total supply was burned and reissued shortly after the new sanctions were announced on wallets connected to Grinex.
The United Kingdom has also imposed sanctions on several Kyrgyz banks, citing A7A5’s use by Russian entities to circumvent Western financial restrictions. More recently, Bloomberg reported that the European Union is considering sanctions on A7A5, which would prohibit EU-based individuals and organizations from interacting with the token via third parties.
Meanwhile, banks across Russia, Belarus, and Central Asia are joining the initiative, reportedly supporting the token as entities use A7A5 to navigate around sanctions through crypto transactions.
