The post A7A5 Becomes Top Non-Dollar Stablecoin Amid Sanctions appeared on BitcoinEthereumNews.com.

A7A5, a Russian ruble-backed stablecoin issued in Kyrgyzstan, has become the world’s biggest non-US dollar stablecoin despite facing multiple sanctions. A7A5’s market capitalization stood at almost $500 million on Monday, about 43% of the total $1.2 billion market cap of non-US dollar stablecoins, according to data from CoinMarketCap and DefiLlama. “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,” A7A5 wrote on its Telegram channel on Saturday. The statement came as the project drew attention at Token2049, a major crypto industry event in Singapore, where its presence raised questions about sanctions compliance and the project’s growing international exposure. A7A5: A brief timeline of sanctions The A7A5 stablecoin was launched in February as a “token backed by a diversified portfolio of fiat deposits held in reliable banks within Kyrgyzstan’s network.” Pegged 1:1 to Russia’s national fiat currency, the ruble, A7A5 promised to distribute a daily passive income equal to half of the interest on deposits. The token was initially issued on two blockchain networks, Ethereum and Tron. Soon after its debut, blockchain analysts linked A7A5 to Grinex, a crypto exchange widely seen as the successor to the sanctioned Russian Garantex exchange. In mid-August, the US Treasury announced sanctions against Garantex and related entities, highlighting Moldovan oligarch Ilan Shor as the owner of A7A5’s issuer, the sanctioned Russian bank Promsvyazbank PSB. The US Treasury Department announced sanctions against Garantex and related entities on Aug. 14, 2025. Source: Treasury.gov The United Kingdom also promptly imposed sanctions on several banks in Kyrgyzstan, reporting that Russia used A7A5 to bypass Western financial restrictions. A7A5 added $350 million in one day Despite broad sanctions, A7A5’s market value has held steady between $120 million and $140 million. On Sept. 25, A7A5’s…

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Filed under: News - @ October 7, 2025 2:22 am