Nearly 54 percent of Russian-speaking crypto users now consider the ruble-pegged A7A5 the primary alternative to dollar-backed stablecoins like USDT, a new study shows, signaling a shift in digital asset preferences amid ongoing sanctions. A stablecoin is a type of cryptocurrency whose value is pegged to another asset, typically a fiat currency like the U.S. dollar.
The research, detailed in a report titled “Russia’s Cryptocurrency Market,” highlights a growing trend toward non-dollar stablecoins for cross-border payments and value storage. The survey polled 1,000 active participants from Russia and other Russian-speaking regions.
According to the report, A7A5's share of the non-dollar stablecoin market is projected to reach 41% in 2026, representing a market value of approximately $550 million. Its closest competitor is EURC, a euro-pegged stablecoin from global financial technology firm Circle, which also issues USDC. EURC accounts for about 32% of the non-dollar market share, the study found.
This pivot to non-dollar and ruble-linked stablecoins underscores a broader effort within Russia to build financial infrastructure outside the reach of Western sanctions. The growth of assets like A7A5, which has reportedly processed over $100 billion in transactions since early 2025, demonstrates a resilient, albeit scrutinized, parallel system for international payments.
The Russia-linked A7A5 is issued by a Kyrgyzstan-registered platform called Old Vector and is backed by ruble deposits at Russia's PSB Bank. The infrastructure is supported by A7, a Russian payments company majority-owned by Ilan Shor, a Moldovan oligarch with a Russian passport. Entities associated with the stablecoin, including the crypto exchange Grinex, have been targeted in Western sanctions for facilitating the bypass of financial restrictions.
The study also sheds light on user behavior, with 57.4% of respondents indicating they use digital assets for business activities and 96.3% using them to store value. Investment remains the most popular use case at 25.5%, followed by trading at 26.5%. Bitcoin was considered the most profitable crypto by 25.6% of participants, with Tether's USDT still valued by 16.4% of users despite the pivot to alternatives.
This article is for informational purposes only and does not constitute investment advice.
