A new ruble-backed stablecoin, A7A5, has come under scrutiny for its alleged ties to Grinex, a crypto exchange widely seen as the successor to the U.S.-sanctioned platform Garantex. Launched in Kyrgyzstan in February 2025, A7A5 has already facilitated over $9.3 billion in transactions, despite a reported user base of only 124 active wallets on Grinex.
A7A5: Rapid Growth and Deep Controversy
Within just four months, A7A5 has reached a market cap of $151 million and boasts approximately 24,000 holders across Ethereum and Tron networks, according to Etherscan and Tronscan data. The stablecoin is traded exclusively on Uniswap, paired not only with the Russian ruble but also with USDT and USD, according to Grinex’s official communications.
Despite the impressive volume, transaction data raises flags — with most flows following repetitive, rigid patterns that suggest internal banking processes, not genuine retail activity.
Grinex’s Ties to Garantex: Denial Meets Allegations
Grinex has denied any direct affiliation with Garantex, the Russia-based exchange that faced a $27 million USDT freeze by Tether earlier this year. However, according to blockchain forensics firm Elliptic, Garantex users with frozen balances were allegedly credited on Grinex, enabling a seamless transition of funds between the platforms.
Elliptic co-founder Tom Robinson noted, “Garantex users with outstanding balances at the time it was shut down could have these balances credited to new accounts set up on Grinex.”
Ruble-Backed, But Sanctioned
A7A5 claims to maintain 1:1 ruble backing via Promsvyazbank, a Moscow-based institution sanctioned by the U.S., U.K., and EU due to its links to Russia’s defense sector. The stablecoin’s structure raises concern among regulators, especially given the volume of trades handled by a few wallets and the lack of transparency regarding reserves and user activity.
Political Connections: The Ilan Shor Angle
The story takes another turn with suspected political ties. A report by the Centre for Information Resilience suggested A7A5 may be linked to Ilan Shor, a Moldovan politician sanctioned and convicted of fraud. A7A5 publicly stated it cut ties with Shor’s A7 project in May, but he was seen promoting A7A5 at the June St. Petersburg Economic Forum, reigniting speculation about behind-the-scenes involvement.
Conclusion: A Stablecoin Under the Microscope
While A7A5 presents itself as a legitimate ruble-pegged digital currency, its transaction patterns, limited user activity, and alleged links to sanctioned entities raise major red flags. As crypto compliance measures intensify globally, A7A5’s future may hinge on whether it can prove independence from Garantex and politically exposed figures — or face the same regulatory crackdown that ended its predecessor.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.