A7A5, a Russian ruble-back Stablecoin issued in Kyrgyzstan, has become the largest non-US dollar stablecoin in the world despite dealing with many penalties.
The A7A5 market capital stood nearly $ 500 million on Monday, about 43% of the total $ 1.2 billion market cap of non-US dollar stablecoins, According to In data from CoinMarketCap and Delete.
“We have already proven that a national digital currency may not only be an alternative to the dollar but also a driver of global change,” A7A5 write on the Telegram channel this Saturday.
The statement came as the project drawn attention to token2049, a major event in the crypto industry in Singapore, where its existence raised questions about compliance with penalties and the growing international project exposure.
A7A5: A short timeline of penalties
A7A5 Stablecoin is launched In February as a “token that was back in a variety of FIAT deposits of FIAT deposits held on reliable banks within the Kyrgyzstan network.”
Peg promised To distribute a sun -day passive income equal to half of interest in deposits. The token was first issued on two blockchain networks, Ethereum and Tron.
Shortly after its debut, Blockchain analysts are linked to A7A5 to Grinexan exchange of crypto that is widely seen as alternative to Improved Russian Garatex exchange.
In mid -August, the US treasury announced Penalties against Garantex and related creatures, featuring Moldovan oligarch some Shor as the owner of the A7A5, the punished Russian bank promsvyazbank PSB.
The The United Kingdom also immediately imposed penalties In some banks in Kyrgyzstan, reporting that Russia used the A7A5 to miss the western financial restrictions.
A7A5 added $ 350 million a day
Despite the extensive penalty, the A7A5 market value lasts between $ 120 million and $ 140 million.
On September 25th, the A7A5 market cap rose $ 350 million-a 250% jumped a day-made it the largest non-US dollar stablecoin by value, leading the Euro-Pegged EURC of the Circle (EURC), where Stand up to $ 252 million at the time of writing.
The sharp increase in the A7A5’s market cap came a few days before the appearance of the project in token2049, where it was playing a booth and executive Oleg Ogienko.
Having A7A5 at the conference brought controversy within the crypto community, including many Calling For compliance and “closing regulations loopholes” in industry events.
Some investigators associate the growth of A7A5 in relation to China. “Trade to China has emerged as the dominant focus of A7 activities to date,” Nonprofit Organization Center for Information Resilience (CIR) Says In a report on Monday.
Related: All currencies will be stablecoins by 2030: Tether Co-Founder
The CIR reported that “78% of A7 transactions passed through Chinese constituents according to figures shared by the company in August 2025,” added that Stablecoin is also expanding in Africa, with offices in Nigeria and Zimbabwe.
“Further research is required to complete understanding how funding the organization’s network flows, the potential role of financial institutions in enabling its operations and any relationships with political schemes,” Cir added.
Cointelegraph approached A7A5 for a comment on Stablecoin’s growth, but did not receive a response by publishing.
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