Sanctioned Russian Stablecoin A7A5 Becomes Largest Non-Dollar Digital Currency

A7A5, a stablecoin issued through a Kyrgyzstan-based company, surged 250% in a single day on September 25, 2025, reaching a valuation of nearly $500 million. This unprecedented growth propelled it past Circle’s EURC, making it the largest stablecoin not pegged to the US dollar. The token now commands 43% of the non-dollar stablecoin market.

The timing of its rise is conspicuous. The spike occurred just days before A7A5 executives were slated to appear at Token2049 in Singapore. Conference organizers swiftly scrubbed all references to the stablecoin after media inquiries, but the message was clear: A7A5 thrives despite sanctions from the US, UK, and EU.

Blockchain analysts uncovered a troubling link between A7A5 and Garantex, a sanctioned Russian crypto exchange. Wallets tied to Garantex began funneling funds into the stablecoin weeks before authorities shuttered the exchange, suggesting premeditated evasion.