Despite international sanctions against supporting parties, a ruble-pegged stablecoin achieved rare rapid growth in 2025, with circulating supply increasing by nearly $90 billion within a year, surpassing some mainstream US dollar stablecoins in the market, drawing widespread attention in the crypto industry.
The stablecoin is called A7A5, launched by cross-border payment company A7 LLC in January 2025. Public information shows that A7 LLC is associated with Russia’s state-owned bank Promsvyazbank and Moldovan businessman Ilan Shor. Ilan Shor was previously convicted of involvement in a bank fraud case involving approximately $1 billion, which has also contributed to A7A5’s high controversy since its launch.
A7A5 is issued through an entity based in Kyrgyzstan and deployed on the Tron and Ethereum blockchain networks. Its core positioning is to provide cross-border payment solutions for Russian users facing restrictions through traditional banking channels, while leveraging decentralized finance protocols to enable users to indirectly access liquidity linked to USDT without directly holding US dollar stablecoins.
According to Artemis data, the market-leading US dollar stablecoin USDT increased its market cap by about $49 billion in 2025, followed by USDC with an increase of approximately $31 billion. In comparison, A7A5’s expansion in circulation is particularly notable among non-dollar stablecoins, becoming one of the few cases of rapid growth under sanctions.
On a macro level, despite underlying pressures, the ruble appreciated over 40% against the US dollar in 2025, becoming one of the strongest currencies globally at times, mainly benefiting from strict capital controls and ongoing central bank interventions.
It is worth noting that A7A5 was also one of the sponsors of the Token2049 conference held in Singapore in 2025. Since Singapore’s sanctions against Russia mainly target licensed financial institutions and do not cover individuals or non-financial entities, this project was able to participate in related industry events. Currently, data shows that A7A5 has not yet been listed on any centralized exchanges and mainly circulates through decentralized protocols.
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