A7A5 Becomes Top Non-USD Stablecoin, Hits $500M Despite Sanctions

• A7A5 hits $500M market cap, up 250% in a day.
• Stablecoin’s growth raises compliance concerns amid international sanctions.

On October 6, 2025, TradingView reported that the Russian ruble-backed stablecoin A7A5 experienced an unprecedented 250% surge in its market capitalization, reaching $500 million. This development positioned A7A5 as the largest non-US dollar stablecoin globally, accounting for 43% of the $1.2 billion market cap of all non-USD stablecoins.

A7A5 is pegged 1:1 to the Russian ruble and is issued in Kyrgyzstan. Its issuer stated on its official Telegram channel, "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." This significant growth occurred despite the stablecoin being sanctioned by both the United States and the United Kingdom due to its links to Russian financial institutions.

The rapid expansion coincided with A7A5's controversial presence at Token2049, a major crypto event held in Singapore. At the conference, A7A5 operated a booth, and its executive spoke publicly about the stablecoin’s goals. The appearance raised serious concerns within the cryptocurrency industry regarding regulatory loopholes and compliance with international sanctions.

Blockchain analysts reported that A7A5 is connected to Grinex, an exchange associated with the sanctioned Russian platform Garantex. The United States Treasury Department sanctioned Garantex back in mid-August, citing its ties to Promsvyazbank, a state-owned Russian bank that remains under international sanctions. The UK government subsequently imposed sanctions against Kyrgyzstani banks, alleging that A7A5 was being used to bypass financial restrictions.

Before the recent surge, A7A5 consistently maintained a market value between $120 million and $140 million, illustrating the extraordinary nature of the $350 million daily increase. The timing, just before Token2049, further intensified scrutiny over its compliance with sanctions and its operational transparency.

The Centre for Information Resilience (CIR) recently documented A7A5’s significant ties to China, reporting that 78% of its transactions in August 2025 were processed through Chinese jurisdictions. Additionally, the stablecoin has expanded its reach into Africa, establishing offices in Nigeria and Zimbabwe to further its international operations. The CIR noted that A7A5’s ability to grow while under sanctions exposes critical gaps in global financial regulations.

As of October 6, 2025, 15:00 UTC, A7A5 is trading at $0.98, with a 67.1% increase in 24-hour trading volume, according to CoinMarketCap.