A7A5: The World's Largest Non-USD Stablecoin Breaks Records Amid Controversy

With a market value of about $500 million, the Russian ruble-backed stablecoin A7A5 has become the most valuable non-USD stablecoin globally, beating Circle's euro-pegged Launched in February 2025 by Kyrgyz company Old Vector LLC, A7A5 saw a stunning 250% increase in one day on September 25, 2025. Its market capitalization has risen by $350 million. With 41.6 billion tokens in circulation and a $68 billion transaction volume, A7A5 processes 43% of the $1.2 billion non-dollar stablecoin market. Daily transactions surpass one billion dollars.

Despite its rapid growth, A7A5 is under close legal review because of its links to sanctioned companies, including Moldovan oligarch Ilan Shor, who controls 51% of Russian state-owned Promsvyazbank, holding the remaining 49%, and the project. The stablecoin is being considered for more EU restrictions because of its quick expansion, which is approved by the United States, the United Kingdom, and the EU. Offering daily passive income, A7A5 is pegged 1:1 to the ruble and supported by fiat deposits in Kyrgyz banks operating on Ethereum and Tron networks. Holders will find this a critical tool for Russian companies circumventing financial sanctions following the invasion of Ukraine in 2022.

With 78% of August 2025 transactions run across Chinese territories, A7A5's clear global ambitions are reflected in its close trading ties, hence highlighting its involvement in Russia-China commerce. With operations in Nigeria and Zimbabwe, the stablecoin has also expanded into Africa with the goal of establishing a non-dollar transaction network. Its presence at the Token2049 conference in Singapore, however, caused debate about sanctions compliance, exposing the conflict between A7A5's global ambitions and its contentious beginnings.