JPYC

A7A5

Sanctioned ruble stablecoin powering Russia's shadow crypto economy

Ruble-pegged stablecoin launched in January 2025 by Kyrgyzstan-registered Old Vector LLC, claimed to be backed 1:1 by ruble deposits at sanctioned Russian state defense bank Promsvyazbank and created for the A7 cross-border settlement network of sanctioned Moldovan fugitive Ilan Shor. Circulating on Ethereum and Tron, it became the primary settlement asset of Grinex, successor to the seized exchange Garantex, processing roughly $93 billion in its first year. A7A5 is a sanctioned asset: the UK sanctioned A7A5 developer A7 LLC in May 2025 and issuer Old Vector and Grinex on 20 August 2025, US OFAC designated Old Vector, Grinex, and the A7 network on 14 August 2025, and the EU's 19th sanctions package (23 October 2025) imposed an outright ban on all A7A5 transactions, effective 25 November 2025.

AED Stablecoin LLC is the issuer of AE Coin (AECoin), the first AED-denominated stablecoin licensed by the Central Bank of the UAE under the Payment Token Services Regulation. AE Coin is backed 1:1 by dirham reserves with guaranteed redemption, received final approval in 2024, and has been authorized by the UAE federal government as a payment method for public fees and services. It operates through the AEC Wallet infrastructure developed by Al Maryah Community Bank (Mbank).

Agora

Digital dollar issuance with white-label stablecoins

Agora issues AUSD, a yield-sharing digital dollar, and offers a white-label issuance service letting partners launch self-branded stablecoins that share AUSD's reserves, liquidity and interoperability. Its reserve fund (cash, repo and short-term Treasuries) is managed with VanEck and State Street. Agora raised a $50M Series A led by Paradigm in 2025.

Al Maryah Community Bank (Mbank)

UAE digital bank powering the AE Coin stablecoin wallet

Al Maryah Community Bank, known as Mbank, is the UAE's first fully integrated digital bank serving consumers and SMEs. It developed and operates the AEC Wallet, the region's first wallet for the AED-denominated stablecoin AE Coin, and powers AE Coin's distribution and government-fee payment use cases. Mbank has signed partnerships with e& UAE, Network International and others to enable AE Coin payments across telecom, point-of-sale and e-commerce channels.

AllUnity

Issuer of EURAU, Germany's first MiCAR-compliant euro stablecoin

AllUnity is a joint venture established by DWS (Deutsche Bank's asset manager), Flow Traders and Galaxy that issues EURAU, Germany's first fully reserved, MiCAR-compliant euro stablecoin. AllUnity holds an E-Money Institution license from BaFin (granted July 2025) and issues EURAU 1:1 backed under a multi-bank reserve model, launching on Ethereum with Flow Traders as designated market maker and expansion to Solana.

Anchorage Digital

First federally chartered crypto bank; stablecoin issuer and custodian

Anchorage Digital is the only federally chartered US crypto bank, providing qualified custody plus turnkey, federally regulated infrastructure for minting, redeeming and managing stablecoin issuance. It issues USDtb (with Ethena, reserves in BlackRock's BUIDL), acquired USDM issuer Mountain Protocol, and serves as a regulated issuance partner for stablecoin programs.