Since the launch of the crypto exchange Grinex, little known stablecoin The ruble-linked A7A5 was processed for $9,3 billion, Finance Magnates reports.
There are currently 12 billion A7A5 in circulation, worth about $156 million. However, it is said that only a relatively small group of users actively use it.
Stablecoin has been officially launched in Kyrgyzstan to support large financial flows to and from Russia. The recently launched Grinex crypto exchange has so far processed a huge volume of A7A5 stablecoins.
A trading platform supporting trading in A7A5, rubles and the dollar-pegged stablecoin USDT was registered after the closure of Russia’s largest crypto exchange. Garantex.
Swiss blockchain research firm Global Ledger has discovered that large amounts of USDT stored on Garantex, were converted into A7A5. Then A7A5 worth about $29 million were transferred to Grinex.
Members Garantex with outstanding balances at the time of closure could have been credited to new accounts on Grinex, says Elliptic chief scientist and founder Tom Robinson.
For this reason, it is obvious that Grinex is a direct successor Garantex and will most likely be managed and controlled by the same parties.
Meanwhile, Grinex claims to be an independent platform with no ties to Garantex.