Ruble-Backed Stablecoin A7A5 Powers Transactions on Allegedly Sanctioned Exchange Grinex

The Financial Times reports the emergence of A7A5, a new Russian ruble-stablecoin, as a major transaction tool on Grinex, an exchange widely suspected as the successor to Russia’s sanctioned Garantex platform.

Since its launch in February in Kyrgyzstan, A7A5 has facilitated approximately $9.3 billion in transactions on Grinex, according to the FT’s analysis.

Garantex Connection

• Grinex has repeatedly denied ties to Garantex.
• The FT alleges Grinex credited outstanding balances from Garantex users.
• Tether froze $27 million of Garantex’s USDT reserves in March.
• Elliptic founder Tom Robinson suggested balances could have been migrated.

A7A5 Market Overview

• 24,000 holders tracked via on-chain data.
• $151 million market cap on CoinGecko (12 million tokens issued).
• Limited listing (currently on Uniswap DEX).
• Traded against USDt, US dollars, and rubles via Grinex.

A7A5 claims 1:1 backing by ruble deposits at Promsvyazbank, itself subject to US and EU sanctions.

Narrow Transaction Network

The $9.3 billion in A7A5 transactions on Grinex reportedly originated from just 124 wallets. The FT noted many transactions follow fixed patterns, potentially indicating internal processes.

Elliptic analysts suggested the stablecoin is likely used by a limited number of entities currently.

Grinex’s Position

While reports link Grinex to Garantex, the exchange contends it was merely opportunistic: “capitalized on market opportunities,” “obtained a portion of the non-toxic customer base,” and “commit[ted] only to users with a transparent history.”

Interviewed: Ilan Shor Allegations

Grinex and A7A5 previously denied accusations linking them to Ilan Shor, a Moldovan political figure and sanctions target.

The Centre for Information Resilience (CIR) published a report suggesting an A7A5-related project connection to Shor.

A7A5 claims to have severed ties with a related project in May. However, Shor allegedly promoted the stablecoin during a June panel at the St Petersburg International Economic Forum.

CoinDesk reached out to A7A5 and Grinex for comment prior to publication but received no response.

Related: Global Ledger detects $15M of Garantex assets flowing despite Tether’s freeze