More than 80 per cent of A7A5, a stablecoin at the heart of Russia’s growing cross-border payments empire, was swiftly destroyed and recreated to be cleared of links to a crypto exchange that had been just sanctioned by Washington, according to a Financial Times analysis.
A7A5 is part of A7, a growing cross-border payments system built as an alternative to the US-led financial system, from which Russian lenders were cut off after Moscow’s invasion of Ukraine in 2022