Ruble-Backed A7A5 Stablecoin Processes $9.3B on Alleged Garantex Successor Grinex

A7A5, a Russian ruble-pegged stablecoin, has facilitated over $9.3 billion in transactions on Grinex—a platform analysts suspect serves as the unofficial successor to sanctioned crypto exchange Garantex. Blockchain data reveals 124 wallets dominated the volume, suggesting artificial liquidity patterns rather than organic adoption.

Elliptic's analysis indicates rigid transaction patterns consistent with internal fund shuffling. "Garantex users with outstanding balances during its shutdown may have had funds migrated to Grinex," noted Tom Robinson, co-founder of the analytics firm. The U.S. Treasury sanctioned Garantex in March for alleged ties to illicit finance.

Despite Grinex denying direct links to Garantex, Global Ledger reports suggest liquidity and client assets were systematically transferred between the platforms. The concentration of A7A5 flows underscores questions about its legitimacy as a ruble proxy amid Western sanctions.