A7A5’s Reported Trading Volume Draws Scrutiny From Blockchain Analysts

A7A5, a sanctioned ruble-pegged stablecoin, is disputing blockchain analysts’ assessments of its usage. The issuer says the token averaged about $205 million in daily trading volume and processed $34.4 billion between Jan. 1 and June 17, while TRM Labs estimates average daily volume closer to $75 million.

The disagreement highlights how difficult it can be to measure crypto activity outside centralized exchanges, particularly for a token intended to move payments beyond Western financial channels. A7A5 says data providers undercount its decentralized finance activity, where users trade directly between wallets.

TRM Labs analyst Chris Keegan said roughly 34% of observed volume appeared to involve circular fund movements that inflated activity. He also said volumes regularly dropped on weekends, indicating that much of the usage may involve business-to-business transfers connected to Russia-linked exchange Grinex.

Elliptic co-founder Tom Robinson said A7A5’s monthly transaction volume had fallen by more than 90% since January and was 96% below its peak last year. He linked the decline to sanctions imposed by the U.S., EU and U.K., as well as the collapse of Grinex earlier this year. A7A5 rejected the analysts’ conclusions, arguing that conventional market-data platforms rely too heavily on centralized exchange information.

A7A5 was introduced in Kyrgyzstan in early 2025 and is backed by deposits at sanctioned Russian bank Promsvyazbank. Western authorities later sanctioned the token, and its access to global trading venues remains limited. Neither the issuer’s figures nor the analytics firms’ estimates were independently verified by CoinDesk.