A new study conducted across Russia and neighboring countries reveals that two alternative stablecoins—A7A5, which is linked to the ruble, and EURC, which is backed by the euro—are gaining ground in the digital asset market at the expense of traditional US dollar-based coins. The growing preference for A7A5, especially due to its ruble peg, indicates diminishing interest in widely used stablecoins such as USDT and USDC among Russian users.
A7A5 and EURC reshape the stablecoin landscape
In a survey of 1,000 participants, 53.7 percent identified A7A5 as the most significant alternative to dollar-based stablecoins like Tether and USD Coin. The research projects that A7A5 could command about 41 percent of the non-dollar stablecoin market by 2026, with its market capitalization already reaching $550 million. Its closest competitor, EURC, pegged to the euro, follows closely with a market share of around 32 percent.
A7A5 is issued by the Kyrgyzstan-based Old Vector platform, while its ruble reserves are held at PSB Bank in Russia. The Russian payments company A7 also provides underlying infrastructure for A7A5. The majority shareholder of this company is Ilan Shor, a Moldovan and Russian businessman. Since early 2025, A7A5’s transaction volume has reportedly surpassed $100 billion. Entities tied to the stablecoin face regulatory scrutiny due to Western sanctions; Kyrgyzstan-based exchanges like Grinex have sometimes been targets of these measures.
Changing crypto usage habits in Russia
Survey data shows that 57.4 percent of Russian users employ cryptocurrencies in commercial transactions. Nearly all participants—an overwhelming 96.3 percent—view crypto as a store of value. The majority of digital assets are kept in decentralized wallets, with 56 percent of users preferring this storage method, while another 38.6 percent utilize services offered by centralized exchanges.
Many respondents stated they have held cryptocurrency for over three years, signaling consistent interest despite market volatility. The main utility of crypto was as an investment, cited by 25.5 percent of users. About 19.9 percent use it for savings, 26.5 percent for trading, and 17.3 percent for international payments.
“Cryptocurrencies represent a significant share of user portfolios: 56.7 percent of participants invest more than 30 percent of their total assets in cryptocurrencies, while 22.7 percent allocate between 75 percent and their entire portfolios to digital currencies.”
User demographics and regional trends
The average age of survey respondents was found to be 36.3 years. Most participants are university graduates and have average or above-average incomes. The highest concentration of crypto activity comes from the Moscow region, accounting for 37.9 percent of users, followed by St. Petersburg at 10.7 percent. The remaining respondents are spread across various Russian regions and neighboring countries.
Although the study primarily focuses on Russia, it also includes feedback from crypto users in Belarus, the United Arab Emirates, Georgia, Kazakhstan, Thailand, and Turkey, representing just over 9 percent of the sample.
When evaluating investment preferences, Bitcoin stands out as the most profitable cryptocurrency, favored by 25.6 percent of participants. This is followed by altcoins at 21.1 percent and Tether at 16.4 percent.
