Speculations are mounting regarding the A7A5 stablecoin as it registers over $9.3 billion in trading volume on the Grinex platform, which is believed to be linked to the controversial Garantex exchange.

Market Conditions

Currently, the A7A5 token can only be found in trading pairs on Uniswap, exhibiting a market capital of $151 million with approximately 12 million tokens circulating. According to Grinex, users can engage in trading using this Ruble-pegged stablecoin against both the Russian Ruble and USDT.

Analysts from Elliptic express concerns that the token usage patterns reveal more about internal transfers than widespread adoption. Global Ledger, a blockchain compliance firm, previously suggested that Garantex may have transferred its assets and customers to Grinex during a transition period.

Elliptic’s co-founder, Tom Robinson, stated, “Garantex users with outstanding balances at the time it was shut down could have these balances credited to new accounts set up on Grinex.”

In a Financial Times report, it was brought to light that the A7A5 has processed staggering amounts of transactions through a Kyrgyz exchange in a span of just four months, linking it to Ilan Șor, a sanctioned businessman from Moldova.

BREAKING: A new Russian stablecoin, A7A5, has quietly moved $9.3bn through a Kyrgyz crypto exchange in just four months, a Financial Times investigation reveals. The token is linked to a sanctioned Russian defence bank and fugitive Moldovan oligarch Ilan Șor, and is believed to…

— GeoInsider (@InsiderGeo) June 25, 2025

Additional insights suggest Promsvyazbank backs the A7A5 at a 1:1 ratio with Ruble reserves, with its circulating supply exceeding $140 million shortly after release.

Future Outlook

Despite its rapid growth, the A7A5 stablecoin faces scepticism regarding its stability and legitimacy due to clustered transaction behavior. Garantex has recently made claims to distance themselves from any unlawful actions, affirming a commitment to compliance.