A7A5 has become the largest stablecoin not supported by the US dollar.

A7A5, a stablecoin backed by the Russian ruble and issued in Kyrgyzstan, has become the largest non-USD stablecoin in the world with a market cap of nearly 500 million USD, accounting for 43% of the global market share. Launched in February 2025, A7A5 is pegged 1:1 to the ruble and issued on Ethereum and Tron, promising to share passive profits with holders. However, the project quickly became associated with the Grinex exchange – the successor to Garantex (Russia) – leading to sanctions imposed by America and the UK due to suspicions that Russia was using it to evade financial restrictions. Nevertheless, on September 25, the market cap of A7A5 increased by an additional 350 million USD, surpassing Circle's EURC. The appearance of A7A5 at Token2049 in Singapore has sparked controversy regarding compliance with sanctions, while reports indicate that 78% of the project's transactions are related to China and are expanding strongly into Africa.