USDT Transactions Surge: Grinex Processes $1.2 Billion Amid Sanction Controversy

In a startling development, Grinex, the suspected rebrand of the sanctioned Russian cryptocurrency exchange Garantex, has reportedly moved over $1.2 billion in USDT transactions since its launch. Blockchain analytics firm Global Ledger identified this significant activity, which occurred shortly after Grinex's emergence. Garantex was dismantled in March 2025 following a global law enforcement crackdown, but the rapid resurgence of its alleged successor raises concerns about the persistence of high-volume crypto transactions linked to sanctioned entities. This case underscores the challenges regulators face in enforcing sanctions in the decentralized crypto space, while also highlighting the continued dominance of USDT as a medium for large-scale transfers. The $1.2 billion volume processed by Grinex demonstrates both the liquidity demand in potentially non-compliant markets and the technical difficulties in completely shutting down crypto operations once they're established. As the situation develops, it may prompt further regulatory scrutiny of stablecoin transactions and exchange rebranding tactics.

Sanctioned Exchange Garantex’s Suspected Rebrand ‘Grinex’ Moved Over $1 Billion in Crypto

Grinex, the suspected successor to the sanctioned Russian platform Garantex, has reportedly processed over $1.2 billion in USDT transactions through crypto exchanges. Blockchain analytics firm Global Ledger flagged the activity, noting the volume occurred shortly after Grinex's launch.

Garantex was dismantled in March 2025 following a global law enforcement operation. The platform had long been associated with illicit crypto transactions, prompting sanctions from the US in 2022 and the UK in early 2025. TRM Labs identified Grinex as Garantex's likely replacement after the crackdown.

The rapid movement of funds through Grinex suggests continuity of operations despite regulatory actions. The case highlights ongoing challenges in tracking and preventing sanctioned entities from reemerging in the crypto ecosystem.

Binance Tops Crypto Market with $180B Inflows, Holding Most Stablecoins and Bitcoin

Binance continues to assert its dominance in the cryptocurrency market, with $180 billion in inflows and a commanding share of stablecoin reserves. The exchange holds $31 billion in USDT and USDC, accounting for 59% of all stablecoins across trading platforms. This liquidity underscores Binance's pivotal role as a hub for traders seeking immediate access to capital.

Transparency measures like Proof-of-Reserves reports have fortified user trust, particularly in Bitcoin deposits. Binance's $31 billion stablecoin holdings in May narrowly surpassed Coinbase's $30 billion, reinforcing its position as the liquidity leader. The platform's scale reflects broader market confidence in centralized exchanges despite ongoing regulatory scrutiny.

Tether Expands African Footprint with Shiga Digital Investment

Tether continues its global expansion strategy with a strategic investment in Shiga Digital, a pan-African blockchain solutions platform. This MOVE follows closely on the heels of its Chile-based Orionx investment, demonstrating Tether's dual focus on Africa and Latin America.

The partnership aims to revolutionize cross-border payments and liquidity management across Africa using USDT-powered solutions. Shiga Digital's product suite - including VIRTUAL accounts, OTC services, and forex management - will integrate Tether's stablecoin to facilitate foreign currency access for African enterprises.

With $153 billion in market capitalization and $120 billion in U.S. Treasury holdings, Tether brings unprecedented financial firepower to Africa's digital asset landscape. The stablecoin issuer's $1 billion+ quarterly profits underscore its capacity to drive financial transformation through strategic partnerships.