A ruble-backed stablecoin surpassed top competitors in the market last year, even in the face of global sanctions

Ruble-Based Stablecoin Surpasses Dollar Rivals in Growth

Last year, a stablecoin tied to the Russian ruble experienced a remarkable surge, expanding its circulating supply by nearly $90 billion—outpacing the largest dollar-backed stablecoins—even though its creators are subject to Western sanctions.

Known as A7A5, this token was launched in January 2025 by A7 LLC, a cross-border payments company associated with Russia’s state-run Promsvyazbank and Ilan Shor, a Moldovan businessman who has been found guilty in a $1 billion banking scandal.

Distributed through a Kyrgyz-based organization, A7A5 operates on both the Tron and Ethereum networks. It is primarily used by Russian customers to conduct international transactions amid banking limitations, and it also offers access to USDT liquidity through decentralized finance (DeFi) platforms, bypassing the need to directly hold dollar-pegged stablecoins.

According to Artemis, Tether’s USDT—the leading stablecoin—grew by $49 billion, while USDC from Circle Internet (CRCL) increased by around $31 billion during the same period.

(Artemis)

Despite facing sanctions and weak economic fundamentals, the Russian ruble has appreciated over 40% against the US dollar this year, ranking among the top-performing global currencies. This performance is largely attributed to strict capital controls and intervention by the central bank.

A7A5 also served as a sponsor at the Token2049 conference in Singapore. The sponsorship was permitted because Singapore’s sanctions on Russia are limited to licensed financial institutions, not individuals or other types of organizations.

Data from CoinGecko indicates that A7A5 is not listed on centralized exchanges and is only available for trading on Uniswap.