A7A5 is a stable currency linked to the ruble, with the main source of cross-border payments and DeFi transactions. Its issuers claim that the daily transaction volume since this year has been approximately $205 million, with a cumulative amount of $34.4 billion.

But the block chain analysis agency gave different judgments. TRM Labs claims that A7A5 average daily transactions are closer to $75 million and have been falling steadily in recent months. For its part, Elliptic indicated that the monthly transaction volume of the token had declined by over 90 per cent since January, a decrease of 96 per cent over the previous year ' s high.

The issuer claims that DeFi activities are not adequately accounted for

A7A5 Supervisory Officer-in-Charge Ogiyanko stated that most of the activities on the DeFi platform had not been captured by the mainstream encrypted data site. He also claims that platforms such as CoinMarnetCap, CoinGecko and DeFiLlama rely heavily on centralized exchange data.

At the same time, the issuer denied that the volume of the transaction had been exaggerated, stating that the statistical caliber used by the outside world was “late”. CoinDesk states that the allegations were not independently verified.

Analytical agencies point to circular transactions

According to TRM Labs Analyst Keegan, about 34 per cent of the observed volume of A7A5 transactions appears to be revolving and may have been artificially active. He also indicated that the volume of trade on weekends often declined significantly, as a large number of activities appeared to be linked to inter-firm transfers on the Russian exchange Grinex.

According to Robinson, the co-founder of Elliptic, A7A5 has clearly lost kinetic power since January this year, in connection with United States, European Union and British sanctions and the collapse of the Grinex year.

Limited circulation in the context of sanctions

A7A5 supported by Western-sanctioned Russian bank Promsvyazbank deposits was launched in Kyrgyzstan in early 2025 and subsequently added to the sanctions list by the European Union, the United Kingdom and the United States. It was also mentioned that Russia had recently sanctioned a British teenager for the associated disclosure.

Sanctions and compliance expert Martin argued that while A7A5 remained largely confined to Russian-related ecology, users could still convert it into other encrypted assets through related services for wider cross-border payment scenarios, including large commodity trade.