The ruble-backed stablecoin A7A5, issued in Kyrgyzstan, has become the largest non-USD stablecoin globally, overtaking Circle’s EURC, according to DeFi Llama.
Its market cap surged 43% in a single day to reach nearly $500 million, giving it roughly 40.79% dominance within the non-dollar stablecoin segment, which totals $1.16 billion.
A7A5’s rapid rise highlights growing interest in regional stablecoins as alternatives to U.S. dollar-pegged tokens. In a Telegram post, the project celebrated the milestone, predicting non-dollar stablecoins could represent 20% of the total market by 2028.
However, the European Union is weighing sanctions that would restrict individuals and entities in EU jurisdictions from transacting with A7A5.
Internal documents reviewed by Bloomberg suggest the token is being examined as part of a broader effort to prevent Russia from using digital assets to evade Western restrictions. If approved, the sanctions could reshape the dynamics of global stablecoin circulation and regulatory oversight.
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