EU Weighs Sanctions on Russia’s Ruble-Backed Stablecoin A7A5

The European Union is considering sanctions against A7A5, a Russian ruble-backed stablecoin that has become the world’s largest non-US-dollar-pegged stablecoin. A Bloomberg report suggests this move would ban EU businesses and individuals from engaging with A7A5 directly or indirectly. 24 hours after the EU announced new crypto sanctions on September 19th, A7A5’s market capitalization spiked by over 250%, rising from $140 million to $491 million.