A7A5, a sanctioned Russian stablecoin issuer, is disputing volume figures with blockchain analytics firms over the token's actual market usage. A7A5 claims it processed $34.4 billion between Jan. 1 and June 17 this year with an average daily trading volume of about $205 million, while TRM Labs places average daily volume closer to $75 million. The disagreement centers on how DeFi activity is measured versus centralized exchange data. TRM Labs analyst Chris Keegan stated about 34% of observed transaction volume appears to involve circular fund movements that may inflate activity. The dispute occurs as A7A5, backed by sanctioned Russian bank Promsvyazbank and rolled out in Kyrgyzstan in early 2025, faces Western sanctions citing its alleged role in helping Russia move value outside traditional financial channels.
A7A5 and Analytics Firms Report Conflicting Volume Data
A7A5 reports an average daily trading volume of about $205 million and total processed volume of $34.4 billion between Jan. 1 and June 17 this year. Oleg Ogienko, A7A5's director for regulatory affairs, said most of the token's activity takes place in decentralized finance, where users can trade directly between wallets without the identity checks required by centralized exchanges.
TRM Labs analyst Chris Keegan said the firm's analysis places A7A5's average daily volume closer to $75 million, with activity declining in recent months. He stated about 34% of observed transaction volume appears to involve circular fund movements that may inflate activity. "We truly don't think there is large-scale, authentic usage of A7A5 outside of A7," Keegan said, referring to the token's issuer.
Ogienko rejected the analytics firms' conclusions and argued that existing market data tools fail to capture the token's DeFi-heavy activity. "These outdated principles and metrics do not provide users around the world with objective information about A7A5," he said. He stated major data providers rely too heavily on centralized exchange data, creating what he called "a generally discriminatory approach, contrary to the principles of the United Nations."
DeFi Activity Measurement Creates Classification Challenges
The volume dispute highlights a measurement problem in crypto market surveillance: DeFi activity can be visible on-chain but difficult to classify. A transfer between wallets may represent a real payment, internal treasury activity, market making, wash-like activity, or circular movement. Without clear information about counterparties and intent, volume can be measured but not always understood.
The classification issue becomes more sensitive when the token is linked to sanctions evasion. A7A5 is backed by deposits at Promsvyazbank, a Russian bank under Western sanctions. Western authorities have sanctioned A7A5, citing its alleged role in helping Russia move value outside traditional financial channels.
Sanctions Reduced A7A5 Monthly Volumes by Over 90% Since January
Elliptic co-founder Tom Robinson said A7A5 monthly transaction volumes are down more than 90% since January and 96% below their peak last year. He linked the decline to sanctions imposed by the U.S., the European Union, and the United Kingdom, as well as the collapse of the Russia-linked exchange Grinex earlier this year.
"The cherry-picked trading and transaction figures provided by A7A5 are consistent with Elliptic's analysis," Robinson said. "However, they conceal the obvious trend: that A7A5 is failing in its goal of enabling Russian sanctions evasion."
Kaitlin Martin, a sanctions and national security specialist, said A7A5 remains largely confined to a Russia-linked ecosystem because sanctions have prevented most global trading venues from listing it. Western sanctions can limit access to global trading venues and discourage exchanges, market makers, payment firms, and custodians from supporting the asset.
A7A5 Structure Enables Token Swaps Through Russia-Linked Services
Sanctioned users can swap the token into other cryptocurrencies through Russia-linked services and then move funds into the wider crypto ecosystem. That can support cross-border payments, including trade tied to commodities and other hard-to-monitor sectors.
Russia's recent sanctions against British teenager Alexander Browder added a political layer to the issue. Browder had written a report for The Henry Jackson Society alleging that A7A5 was used to help fund Russia's war effort against Ukraine. Russia's Foreign Ministry accused him of spreading "defamatory speculations and false information."
The A7A5 structure is a ruble-pegged stablecoin backed by a sanctioned Russian bank. Crypto activity outside centralized exchanges is harder to measure, harder to attribute, and harder to regulate.
FAQ
What volume figures do A7A5 and analytics firms report?
A7A5 claims it processed $34.4 billion between Jan. 1 and June 17 this year with an average daily trading volume of about $205 million. TRM Labs places A7A5's average daily volume closer to $75 million, with about 34% of observed transaction volume appearing to involve circular fund movements.
How have sanctions affected A7A5 transaction volumes?
Elliptic co-founder Tom Robinson said A7A5 monthly transaction volumes are down more than 90% since January and 96% below their peak last year. He linked the decline to sanctions imposed by the U.S., the European Union, and the United Kingdom, as well as the collapse of the Russia-linked exchange Grinex earlier this year.
What bank backs A7A5?
A7A5 is backed by deposits at Promsvyazbank, a Russian bank under Western sanctions. The stablecoin was rolled out in Kyrgyzstan in early 2025.
