US EditionRuble-Backed Stablecoin A7A5 Moves $40B Amid Sanctions Workarounds - FinanceFeeds
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Ruble-Backed Stablecoin A7A5 Moves $40B Amid Sanctions Workarounds - FinanceFeeds
A Ruble-backed stablecoin tied to a Russian defense bank and a sanctioned payments firm has seen its usage spike sharply, with over $40 billion moved through the system to date, according to blockchain analytics firm Elliptic. The stablecoin, called A7A5, was launched in January by Promsvyazbank and the Kyrgyz-based payments platform A7. Both firms are under Western sanctions. A7A5 is pitched as a tool for helping Russian businesses settle cross…
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