Stablecoin Linked to Ruble Handles Transfers Exceeding $40 Billion
A new ruble-backed cryptocurrency called A7A5 has been making headlines after it processed more than $40 billion in transfers, according to blockchain research firm Elliptic. The sudden jump in transactions, especially in July, has drawn global attention because the coin is being linked to Russia’s efforts to sidestep Western sanctions and keep cross-border trade moving despite strict financial barriers. Since the start of the conflict in Ukraine in February 2022, Russia has faced heavy restrictions from Western countries. One of the toughest measures was cutting Russian banks off from SWIFT, the global financial messaging network that most international payments rely…