According to recent reports, the ruble-backed stablecoin A7A5 has become a significant transaction tool on the Grinex exchange, which has taken over from Garantex.
Market Status of A7A5
Since its launch in February, A7A5 has amassed approximately 24,000 holders and a market capitalization of $156 million. Currently, the token is only traded on the decentralized exchange Uniswap.
Transactions and Users
According to the Financial Times, over $9.3 billion in A7A5 transactions have flowed through Grinex in recent months, coming from just 124 wallets. Analysts note that a significant portion of these transactions may be part of an internal banking process, raising questions about the real value of these movements.
Connections Between Grinex and Garantex
Despite growing suspicions regarding a connection between Grinex and Garantex, Grinex representatives deny such claims. However, there are reports that Garantex users with outstanding balances may have had those credited on Grinex. Additionally, it is reported that A7A5 may have ties to Ilan Shor, a Moldovan political figure under sanctions.
In light of the significant volume of A7A5 transactions on Grinex, discussions continue around its potential connections to sanctioned individuals and the current state of the crypto market in Russia.
