A7A5, a Russian ruble-backed stablecoin issued in Kyrgyzstan, has grown to become the world’s largest non-US dollar stablecoin with a market capitalization of nearly $500 million, accounting for 43% of the total $1.2 billion market cap of non-US dollar stablecoins. The project faced multiple sanctions but continues to thrive.

Launched in February, A7A5 is pegged 1:1 to Russia’s ruble and promises daily passive income equal to half of the interest on deposits. Despite being linked to a sanctioned Russian exchange, the stablecoin saw a surge of $350 million in market cap in one day, making it the largest non-US dollar stablecoin.

The United States and the United Kingdom have imposed sanctions related to A7A5 and its connections to Russian entities. Despite controversy and compliance concerns, A7A5’s market cap has continued to rise, with ties to China and expansion into Africa. The stablecoin’s growth and operations are under scrutiny for potential connections to Russian political schemes.

Read more at Cointelegraph: A7A5 Becomes Top Non-Dollar Stablecoin Amid Sanctions