Dispute Arises Over Russian Stablecoin A7A5's Trading Volume

This sanctioned Russian stablecoin, A7A5, claims to have substantial trading activity, but blockchain analysts provide a starkly different perspective.

The issuer of A7A5 contends that its trading volumes are underreported by crypto data firms, while blockchain analysts assert that the token's actual activity has declined significantly this year.

By Olivier Acuna|Edited by Aoyon Ashraf Jul 3, 2026, 7:18 p.m. 3 min read

A7A5, a stablecoin pegged to the Russian ruble and designed to circumvent Western financial systems, has sparked a debate regarding its actual usage in the market.

The token's issuer claims an average daily trading volume exceeding $200 million, primarily attributed to decentralized finance (DeFi) activities, asserting it processed $34.4 billion from January 1 to June 17 this year.

Oleg Ogienko, the director for regulatory affairs at A7A5, noted that much of the token’s trading occurs via DeFi platforms, which often do not require user identification, allowing direct trades between crypto wallets.

However, this assertion is challenged by several blockchain analytics companies, such as TRM Labs and Elliptic.

Chris Keegan, an analyst at TRM Labs, indicated that their analysis suggests A7A5's actual daily volume is around $75 million, with a noticeable decline in recent months. He also pointed out that approximately 34% of the transaction volume appears to involve circular fund movements, which artificially inflate the reported figures.

"We genuinely do not believe there is substantial, authentic usage of A7A5 beyond its issuer," Keegan said in an email, referencing the token's issuer. He added that trading volumes tend to drop on weekends, suggesting that much of the activity is linked to business-to-business transfers involving the Russia-associated exchange Grinex.

Tom Robinson, co-founder of Elliptic, echoed this sentiment, stating that A7A5 has experienced a significant loss of momentum, with monthly transaction volumes plummeting by over 90% since January and down 96% from last year's peak, following sanctions from the U.S., EU, and UK, along with Grinex's collapse earlier this year.

"The selectively presented trading and transaction statistics from A7A5 align with our findings at Elliptic," Robinson remarked. "However, they obscure the clear trend: A7A5 is struggling to achieve its objective of facilitating Russian sanctions evasion."

In response, Ogienko rejected these claims, arguing that the token’s activity in DeFi is not accurately captured by major crypto data platforms. He stated, "These outdated principles and metrics fail to provide global users with objective insights into A7A5," in a statement to CoinDesk via Telegram.

He criticized data providers like CoinMarketCap and CoinGecko for relying too heavily on centralized exchange data, which he argued creates a biased approach contrary to United Nations principles.

Neither A7A5's claims nor those of the blockchain analytics firms have been independently verified by CoinDesk.

A7A5, a stablecoin pegged to the ruble backed by deposits at Promsvyazbank, a Russian bank affected by Western sanctions, was introduced in Kyrgyzstan in early 2025. It was reportedly created as a mechanism for Russia to evade Western sanctions. Last year, A7A5 was also sanctioned by the EU, UK, and US.

Additionally, Russia recently sanctioned British teenager Alexander Browder for his role in revealing the alleged use of A7A5 in funding the war against Ukraine. The 17-year-old authored a report for the Henry Jackson Society, which the Russian Foreign Ministry labeled as disseminating "defamatory speculations and false information."

Kaitlin Martin, an expert in sanctions and national security, remarked that A7A5 is largely limited to a network connected to Russia, as Western sanctions have barred most global trading platforms from listing the token.

She noted that users can still convert A7A5 into other cryptocurrencies through Russia-linked services, enabling funds to flow into the broader crypto ecosystem for international transactions, including commodity trades.

This ongoing debate highlights the challenges of tracking crypto activities that occur outside centralized exchanges, especially when the token is specifically designed to facilitate evasion of global sanctions and operate on DeFi platforms.