A7A5 gains share in Russia, projected to hit 41% vs USDT by 2026
A Russia-focused study says ruble-pegged stablecoin A7A5 is gaining users and market share at the expense of USDT. In a survey of 1,000 respondents, 53.7% selected A7A5 as their main alternative to dollar-based stablecoins like USDT and USD Coin (USDC). The report estimates A7A5 could reach ~41% share of the non-dollar stablecoin segment by 2026, with current market cap around $550M.
The peer comparison centers on EURC (~32%), while A7A5 is issued by Kyrgyzstan-based Old Vector, with ruble reserves reportedly held at Russia’s PSB Bank and supported by A7’s payments infrastructure. The latest article adds that A7A5 transaction volume has exceeded $100B since early 2025.
Usage data also supports a slower-moving profile: 57.4% use crypto in business, 96.3% treat it as a store of value, and 56% prefer non-custodial wallets. Many holders report holding for more than three years. For traders, the likely impact is regional “demand rotation”—potentially reducing USD-liquidity flows into USDT/USDC on Russian rails—while broader volatility effects may be limited because the dominant use case is investment/value storage rather than fast trading.
Bottom line: A7A5’s rise looks like a Russia-specific stablecoin shift, not an immediate macro repricing.
Neutral
The report points to a meaningful shift toward A7A5 within Russia (higher survey preference and projected ~41% non-dollar stablecoin share by 2026), which is structurally supportive for A7A5. However, it’s largely based on survey and segment-share estimates rather than an already-proven, sudden re-pricing event. The study also suggests the dominant behavior is store-of-value/investment (many holders use non-custodial wallets and hold for years), which typically dampens immediate volatility. Net impact on A7A5’s own price is therefore more likely gradual/limited in the short term, making the overall market signal closer to neutral rather than bullish or bearish.