A7A5, a new Russian ruble-backed stablecoin, has quickly become a key transaction method on Grinex, a crypto exchange perceived as the successor to the sanctioned Garantex platform. Since its February launch in Kyrgyzstan, the stablecoin has facilitated approximately $9.3 billion in transactions via Grinex. Although Grinex denies any affiliation with Garantex, reports indicate that it is crediting balances to former Garantex users. A7A5 claims to be backed 1:1 by ruble deposits at Promsvyazbank, a bank under US and EU sanctions due to its links to Russia's defense sector. Notably, these transactions originate from just 124 wallets, suggesting limited active participation. Despite cutting ties with a Moldovan tycoon involved in the project, A7A5 is still associated with significant transactions and a growing user base, raising questions about its operational dynamics post-Garantex.

Source 🔗