Sanctions-Defying Ruble-Backed Stablecoin Explodes to $500M – Is This Russia’s Answer to the Dollar?

A new Russian-linked stablecoin, A7A5, has surged to a $500 million market capitalization, becoming the world’s largest non-U.S. dollar stablecoin despite multiple international sanctions.

The stablecoin, issued in Kyrgyzstan and pegged…