Despite sanctions and scrutiny, the ruble-backed A7A5 stablecoin surged 250% in a day to reach a $500 million market cap, overtaking all non-US dollar rivals.
A7A5, a Russian ruble-backed stablecoin issued in Kyrgyzstan, has become the world’s biggest non-US dollar stablecoin despite facing multiple sanctions.
A7A5’s market capitalization stood at almost $500 million on Monday, about 43% of the total $1.2 billion market cap of non-US dollar stablecoins, according to data from CoinMarketCap and DefiLlama.
“We have already proven that a national digital currency can be not only an alternative to the dollar but also a driver of global change,” A7A5 wrote on its Telegram channel on Saturday.
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