Grinex has received 4.5 billion A7A5 rubble backed stablecoin tokens from shuttered Russian crypto exchange Garantex, which were previously listed only on Garantex and BiFinance according to blockchain analytic firm Global Ledger

Event date

Mar 19, 2025 - 12:00am

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According to Global Ledger, Garantex is moving its liquidity and customer deposits to Grinex. The new exchange appears to use the same infrastructure and is being promoted as a workaround to the sanctions. The new exchange has also incorporated a ruble-backed stablecoin A7A5, launched by Promsvyazbank’s cross-border payment platform A7. Onchain data shows the exchange has already processed nearly $30 million worth of transactions. Between Feb. 8 and March 1, Garantex transferred several billion A7A5 stablecoin tokens on Tron to the new addresses associated with Grinex, according to onchain data.

As part of its investigation, Global Ledger discovered that the ruble-backed stablecoin, A7A5, which was previously listed only on two exchanges, Garantex and BiFinance, is now available on Grinex. Coincidentally, Garantex transferred 4.5 billion A7A5 from its blocked wallet to Grinex. The whole process that led to this transfer of funds is well documented by Global Ledger with the transactions reminiscent of the modus operandi of Garantex.