Russian ruble stablecoin A7A5 tied to Garantex successor: FT

With a $151 million market cap, A7A5 has reportedly been involved in $9.3 billion of transactions with Grinex, the supposed successor to the sanctioned Garantex exchange.

A7A5, a new Russian ruble-backed stablecoin, has reportedly emerged as a major transaction tool on Grinex, a crypto exchange widely seen as the successor to Russia’s sanctioned Garantex platform.

Following the stablecoin’s launch in Kyrgyzstan in February, at least $9.3 billion worth of A7A5 (A7A5) has moved through Grinex, the Financial Times reported on Wednesday.

Although Grinex has repeatedly denied links to Garantex, the exchange was allegedly crediting balances by users of the sanctioned Garantex, which was hit with a $27 million USDT freeze by Tether in March.

Read more