Stablecoin A7A5 grows parallel system for sanctioned companies
Stablecoin ecosystem A7A5 has faced accusations of sanctions evasion and, according to some analysts, is creating an alternative, sanctions-free financial network.
As cryptocurrency is becoming increasingly intertwined with the traditional financial world, it’s also forming the foundation of a parallel, shadow financial system.
A January report from TRM Labs found a surge in illicit or illegal crypto use to an all-time high of $158 billion. This included a massive increase in crypto flows related to sanctions evasion.
This was led primarily by A7A5, a Russian ruble-based stablecoin launched by Russia-based company A7. Some $39 billion in sanctions-related crypto flows were attributed to the A7 wallet cluster.