A7A5 Leads Non-USD Stablecoins Despite Sanction Pressure

A7A5 Dominates Non-USD Stablecoins Despite Regulatory Pressure

Written by Aaron S.,

Editor-In-Chief

Last Updated: October 07, 2025

Key Takeaways

A7A5, a ruble-linked stablecoin from Kyrgyzstan, has become the largest non-USD digital asset, despite being under international sanctions;
Its appearance at Token2049 sparked concern over how crypto events handle compliance and the presence of sanctioned entities;
A7A5 has seen major activity through China and is expanding in Africa, raising questions about oversight and international enforcement.

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A digital asset backed by the Russian ruble and registered in Kyrgyzstan, A7A5, has grown into the largest stablecoin not tied to the US dollar.

Despite being under sanctions, the project’s team posted on Telegram that their national currency-based token could serve as a credible option in the global financial industry.

Interest in A7A5 increased during the Token2049 conference in Singapore, where the project's participation raised questions about regulatory gaps and how sanctions are enforced at international events.

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Some attendees and industry voices expressed concerns about the presence of such projects at public gatherings.

A7A5 made its debut in February. The token is linked to the Russian ruble at a 1:1 ratio and was initially launched on Ethereum ETH $4,136.07 and Tron TRX $0.2984 .

According to its creators, the token is supported by a variety of fiat deposits stored in Kyrgyzstan-based banks. It also offers users a daily return based on part of the interest earned on those reserves.

After the launch, blockchain researchers connected A7A5 with Grinex, a trading platform regarded as the replacement for the Russian exchange Garantex.

Additionally, the Centre for Information Resilience (CIR) reported that nearly 80% of the A7A5's transaction volume went through Chinese jurisdictions, based on data provided by the company in August 2025. CIR also noted A7A5’s push into African markets, including offices set up in Zimbabwe and Nigeria.

Meanwhile, Visa has recently started a pilot program that allows banks and money transfer companies to pre-fund global transactions with stablecoins. What did Chris Newkirk say? Read the full story.