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Ruble-Backed A7A5 Stablecoin Surpasses EURC as Largest Non-USD Pegged Token
Ruble-Backed A7A5 Stablecoin Surpasses EURC as Largest Non-USD Pegged Token
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BTCCSquare news:
A7A5, a Russian ruble-backed stablecoin issued in Kyrgyzstan, has overtaken Circle's EURC to become the world's largest non-USD pegged stablecoin. Its market capitalization surged 43% in a single day, reaching $473.58 million—nearly double EURC's $254 million cap.
The token now commands 40.79% of the total $1.16 billion non-USD stablecoin market. In a Telegram announcement, the project framed this as proof that national digital currencies can challenge dollar dominance, predicting non-USD stablecoins could capture 20% market share by 2028.
Regulatory scrutiny looms as Western authorities investigate ties between A7A5 and sanctioned Russian/Kyrgyz banks. The EU is reportedly considering new sanctions targeting the token.
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