The post Russia’s A7A5 Stablecoin Defies Sanctions to Top Global Charts appeared on BitcoinEthereumNews.com. Altcoins In an unexpected twist for the digital finance world, a little-known ruble-backed stablecoin from Kyrgyzstan has overtaken its rivals to become the largest non–U.S. dollar stablecoin in circulation. The token, A7A5, has reached an estimated market cap of nearly $500 million, capturing over 40% of the entire non-dollar stablecoin market. The token’s rise comes despite being at the center of international sanctions. A7A5, which first launched earlier this year, was designed to function as a digital version of the Russian ruble, backed by fiat deposits held in Kyrgyz banks. The project has framed itself as a tool for financial independence from the dollar system, claiming on social media that it represents “a driver of global change” rather than merely a currency alternative. But A7A5’s success story has been shadowed by controversy. Western regulators have accused the token of being a financial instrument connected to sanctioned Russian entities. Blockchain investigations have tied its operations to Grinex, an exchange reportedly created to replace Garantex, the Moscow-based platform previously sanctioned by the U.S. Treasury. Officials also identified links to Promsvyazbank (PSB) – a state-owned Russian bank – and Moldovan businessman Ilan Shor, both named in earlier sanctions lists. These allegations, however, haven’t slowed the project’s momentum. On September 25, A7A5’s market capitalization exploded by more than $350 million in a single day, propelling it past Circle’s euro-pegged EURC to become the largest non-dollar stablecoin. This surge coincided with the project’s high-profile appearance at the Token2049 conference in Singapore, where A7A5’s executives courted industry exposure while raising eyebrows among compliance experts. Regulatory concerns go beyond sanctions. A new report from the Centre for Information Resilience (CIR) revealed that nearly 80% of A7A5 transactions are routed through China, suggesting a growing role in facilitating trade between Chinese and Russian-linked businesses. The same report found… The post Russia’s A7A5 Stablecoin Defies Sanctions to Top Global Charts appeared on BitcoinEthereumNews.com. Altcoins In an unexpected twist for the digital finance world, a little-known ruble-backed stablecoin from Kyrgyzstan has overtaken its rivals to become the largest non–U.S. dollar stablecoin in circulation. The token, A7A5, has reached an estimated market cap of nearly $500 million, capturing over 40% of the entire non-dollar stablecoin market. The token’s rise comes despite being at the center of international sanctions. A7A5, which first launched earlier this year, was designed to function as a digital version of the Russian ruble, backed by fiat deposits held in Kyrgyz banks. The project has framed itself as a tool for financial independence from the dollar system, claiming on social media that it represents “a driver of global change” rather than merely a currency alternative. But A7A5’s success story has been shadowed by controversy. Western regulators have accused the token of being a financial instrument connected to sanctioned Russian entities. Blockchain investigations have tied its operations to Grinex, an exchange reportedly created to replace Garantex, the Moscow-based platform previously sanctioned by the U.S. Treasury. Officials also identified links to Promsvyazbank (PSB) – a state-owned Russian bank – and Moldovan businessman Ilan Shor, both named in earlier sanctions lists. These allegations, however, haven’t slowed the project’s momentum. On September 25, A7A5’s market capitalization exploded by more than $350 million in a single day, propelling it past Circle’s euro-pegged EURC to become the largest non-dollar stablecoin. This surge coincided with the project’s high-profile appearance at the Token2049 conference in Singapore, where A7A5’s executives courted industry exposure while raising eyebrows among compliance experts. Regulatory concerns go beyond sanctions. A new report from the Centre for Information Resilience (CIR) revealed that nearly 80% of A7A5 transactions are routed through China, suggesting a growing role in facilitating trade between Chinese and Russian-linked businesses. The same report found…