• A7A5 has become the largest non-U.S. dollar stablecoin.
• The token’s growth is driven by rising demand in Asia.
• A7A5 was a platinum sponsor at the major TOKEN2049 crypto conference in Singapore.

A ruble-backed stablecoin called A7A5 (issued in Kyrgyzstan and tied to Russian state institutions) has surged to become the world’s largest non-U.S. dollar stablecoin by market capitalization, despite multiple sanctions and efforts to stem its growth.

Volatile Growth & Market Capitalization Surge

On September 25, A7A5’s market value increased by $350 million in a single day, a 250% gain, pushing it ahead of Euro-supported stablecoins like EURC.

At that moment, its market capitalization advanced approximately $500 million, signifying about 43% of the total, which is around $1.2 billion capitalization of all non-USD stablecoins combined.

Meanwhile, blockchain analytics show over $6.1 billion in transaction volume has passed through newly reissued A7A5 tokens since August, after a large share of its supply was destroyed and reminted to cut links to sanctioned wallets. Earlier data from Elliptic and other sources indicate increasing transfers through A7A5 have already topped $40 billion by July 2025.

Also Read: Ethereum Foundation Executes Bold 1,000 ETH Stablecoin Conversion for Treasury Strength

Sanctions, Reissuance & Confusing Tactics

In August 2025, the U.S. sanctioned the Kyrgyzstan-based exchange Grinex (so-called successor to Garantex) and several bodies tied to A7A5.

Shortly after, operators implemented a smart-contract function “destroyBlackFunds” to spread over 80% of the token supply labeled as tainted (“dirtyShares”). These were then reissued under new addresses (especially a wallet called TNpJj), making the transaction history harder to trace.

The new wallet TNpJj reportedly processed large volumes of tokens, mirroring prior activity, including similar counterparties and timing patterns (working hours in Moscow).

Public Exposure at TOKEN2049 & Compliance Headaches

A7A5 was a platinum sponsor at the major TOKEN2049 crypto conference in Singapore, with executive Oleg Ogienko speaking on stage and branding present in conference materials.

After media scrutiny, reference to the stablecoin and Ogienko were removed from the event’s website. Japan, Hong Kong, and Singapore have not enforced sanctions on the entities behind A7A5, creating regulatory gray zones where the stablecoin can still operate.

What It Signals

A7A5’s rise highlights how approved digital finance networks are evolving to avoid mistakes. Its success challenges the efficiency of sanctions execution in crypto, especially across jurisdictions with different regulations. It also raises concerns about financial stability, traceability, and the role of stablecoins tied to state entities in geopolitically sensitive contexts.

Also Read: Aptos (APT) Price Soars Above $4.75, USD1 Stablecoin Rollout to Boost DeFi Adoption