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The Ruble Token A5A7 accounts for 43% of the market for non-dollar stablecoins., 2026/04/01 12:20:52
The ruble-backed stablecoin A7A5, which was registered in Kyrgyzstan in February of the previous year, captured approximately 43% of the market for stable tokens not pegged to the US dollar by the end of its first year. This information is detailed in a March report by analysts from Dune.
Experts estimate that the transaction volume for A7A5 over the year ranged between $90 billion and $100 billion. Nearly 99% of these transactions occurred on the Tron blockchain.
The peak daily transaction volume reached $1.5 billion but subsequently began to decline, coinciding with the imposition of sanctions by the US, UK, and EU against the token. Nevertheless, according to Chainalysis, in 2025, A7A5 accounted for about 78% of the crypto flows from sanctioned entities, amounting to roughly $72 billion.
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Analysts point out that the token is primarily utilized by Russian firms for international payments amid restricted access to the SWIFT system.
According to TRM Labs, the transaction volume associated with sanction evasion surged by 400% in 2025, with a significant portion of these operations involving A7A5. Major transaction flows were recorded in China, Southeast Asia, and South Africa, with the largest volumes originating from China and Hong Kong. TRM Labs also identified the exchanges Garantex and Grinex as key platforms for transactions involving this token.
In addition to A7A5, Dune analysts noted the growth of other non-dollar stablecoins. The volume of EURC from Circle increased by 1139%, EURCV from Societe Generale rose by 343%, and the market capitalization of EURS from Stasis grew by 644%. Overall, the euro stablecoin market more than doubled over the year following a 48% decline the previous year. EURC now accounts for over 90% of the transaction volume in this segment. The total supply volume exceeded $500 million across 190,000 addresses.
In Singapore, StraitsX processed over $18 billion through the stablecoins XSGD and XUSD. In Brazil, the transaction volume in the stablecoin BRLA increased eightfold, reaching $400 million per month.
From January 2023 to February 2026, the transaction volume in non-dollar stablecoins grew 16 times, and their share in lending protocols rose from 1.4% to 7.5% — from $9 million to $86 million, as previously reported by Dune.
