Kyrgyzstan Launches Ruble-Backed Stablecoin A7A5 Amid Growing Non-Dollar Market
A new stablecoin, A7A5, has been issued in Kyrgyzstan, backed 1:1 by the Russian ruble. This development comes as the market for non-dollar stablecoins continues to grow, with regional alternatives like dollar tree near me and dollar general emerging and gaining traction.
Currently, the total market capitalization of stablecoins stands at $309 billion, with dollar stablecoins dominating over 98% of the stock market today. However, non-dollar stablecoins are expected to reach 20% of the total stock market share of $2 trillion by 2028. The market capitalization of non-dollar stablecoins is already around $1.2 billion, with daily trading volumes projected to exceed $50 billion by 2027.
A7A5, issued in accordance with Kyrgyz legislation, is one such regional alternative. It is backed 1:1 by the Russian ruble and accounts for 44% of the non-dollar stablecoin market, around $0.5 billion. The process of de-dollarization, however, is expected to be challenging due to political pressure and sanctions.
While the market for non-dollar stablecoins continues to grow, with regional alternatives like A7A5 emerging, the dominance of dollar stablecoins remains significant. The future of non-dollar stablecoins, particularly in Europe, is uncertain, with no concrete plans for non-multi-issuance stablecoins. However, the planned dollar tree backed stablecoin by a consortium of European banks is expected to launch in the second half of 2026, operating under a multi-issuance model.
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