The A7A5 stablecoin, backed 1:1 by Russian ruble deposits held at Promsvyazbank, has processed $9.3 billion in transactions on the Grinex exchange. This occurs despite regulatory scrutiny stemming from sanctions targeting Promsvyazbank and previous links to sanctioned figures.
With approximately 24,000 holders and a market capitalization of $151 million, A7A5 is primarily traded on decentralized exchange Uniswap. Its significant transaction volume on Grinex originated from a highly concentrated user base, with just 124 wallets accounting for the $9.3 billion figure.
Grinex has publicly distanced itself from Garantex, a sanctioned cryptocurrency exchange, and underscores its policy of selectively onboarding users with transparent histories.
Official ties to a project associated with Ilan Shor, a sanctioned Moldovan businessman, were cut in May 2025. The stablecoin demonstrates growing liquidity and market presence, commonly exchanged against major stablecoins including USDT and traditional US dollars.