Catenaa, Wednesday, October 08, 2025-The Russian-linked stablecoin A7A5 has surged to a $500 million market cap, becoming the largest non-US dollar stablecoin despite multiple Western sanctions.
Pegged 1:1 to the Russian ruble and issued in Kyrgyzstan, A7A5 now accounts for 43% of the $1.2 billion non-dollar stablecoin market.
Launched in February by A7, a cross-border payments firm co-owned by Moldovan fugitive banker Ilan Shor, and Russia’s state-owned Promsvyazbank (PSB), the token offers holders passive income derived from Kyrgyz bank deposits.
Initially on Ethereum and Tron, A7A5 was promoted as a “digital ruble” facilitating trade settlements with Russian partners.
Despite sanctions targeting Shor, PSB, and connected banks, the token’s market cap jumped $350 million in a single day on September 25.
Blockchain analytics show more than 41 billion tokens in circulation, with daily transaction volumes exceeding $1 billion.
The stablecoin has gained traction across China, Africa, and Central Asia, where it facilitates cross-border payments and may support trade in dual-use goods, raising regulatory concerns.
EU authorities are reportedly preparing sanctions against the token and affiliated banks.
Although A7A5 claims independence from Shor and PSB, filings indicate the two maintain control, holding 51% and 49% stakes, respectively.
The project has roughly 24,000 holders and recently added over $100 million in USDT liquidity to decentralized exchanges, highlighting its rapid adoption despite international scrutiny.
