X @Ignas | DeFi

The Russian ruble has entered the stablecoin game.A7A5, the first ruble-pegged stablecoin, moved $9.3B in just 4 months, @FT reports:- Launched in Kyrgyzstan, outside Western reach- Backed by ruble deposits in Promsvyazbank (sanctioned)- Runs on Tron & Ethereum- Used as a bridge to USDT & cash out abroad, bypassing SWIFT & sanctionsAfter the US closed Garantex, Russia's CEX, A7A5 and Grinex (a new Kyrgyz exchange) stepped in.It’s not retail driven.Most flows are weekday, done during office hour, reportedly ...