New Stablecoin Emerges as Key Tool for Sanctioned Exchange Network

The A7A5 stablecoin, pegged to the Russian ruble, has reportedly processed 【$9.3 billion】 in transactions through crypto exchange Grinex since its February launch. Financial Times analysis reveals this platform may be operating as the successor to sanctioned Russian exchange Garantex, despite repeated denials.

Questionable Transaction Patterns Surface

Blockchain data shows the massive transaction volume originated from just 124 wallets, with rigid transfer patterns suggesting internal banking processes rather than organic trading activity. The stablecoin currently holds a 【$151 million】 market capitalization with approximately 24,000 holders across Ethereum and Tron networks.

——This raises serious questions about potential sanctions evasion—— noted Elliptic founder Tom Robinson, who confirmed Garantex users appeared to migrate balances to Grinex after the former's shutdown.

Controversial Banking Connections

A7A5 claims 1:1 ruble backing through Promsvyazbank - a Moscow-based institution under U.S., UK and EU sanctions for supporting Russia's defense sector. The stablecoin trades against both USDT and physical dollars on Grinex, according to the exchange's Telegram communications.

Shadow of Moldovan Oligarch Looms

Investigative reports link A7A5 to sanctioned Moldovan businessman Ilan Shor, despite the project's claims of severed ties. Shor notably promoted the stablecoin at June's St. Petersburg International Economic Forum, months after his alleged disassociation.

The Centre for Information Resilience warns this represents a new frontier in sanctions circumvention, with crypto analytics showing 【$15 million】 in Garantex assets continued moving after Tether's freeze of $27 million in March.

Exchange Denies Direct Succession Claims

Grinex maintains it simply acquired Garantex's "non-toxic" user base as part of normal market consolidation. However, blockchain patterns suggest deeper operational connections between the platforms and their use of the ruble-pegged stablecoin.

As of press time, neither A7A5 nor Grinex responded to requests for comment regarding the alleged sanctions evasion mechanisms. The development highlights growing regulatory challenges in monitoring cryptocurrency's role in geopolitical finance.