Ruble Stablecoin A7A5 Linked To Garantex’ Next Incarnation
A7A5, a new Russian ruble-backed stablecoin, has become a significant transaction tool on Grinex, a crypto exchange seen as a successor to the sanctioned Garantex platform. Since its launch in February, A7A5 has facilitated at least $9.3 billion in transactions through Grinex, despite the exchange denying links to Garantex. A7A5 has approximately 24,000 holders and a market cap of $151 million, with 12 million tokens issued. It is traded against the ruble and stablecoins like USDT on Uniswap. A7A5 claims to be backed 1:1 by ruble deposits at Promsvyazbank, which is under international sanctions. The $9.3 billion in transactions originated from only 124 wallets, suggesting limited usage. Grinex reportedly benefited from Garantex's closure by acquiring some of its customer base. Speculation also links A7A5 to Ilan Shor, a sanctioned Moldovan businessman, despite A7A5's claims of severing ties with him.
