A7A5 stablecoin usage disputed by analysts

The A7A5 ruble-pegged stablecoin issuer claims average daily volume exceeds $200 million driven largely by decentralized finance activity between January and June this year. Blockchain analytics firms TRM Labs, Elliptic, CoinMarketCap, CoinGecko, DeFiLlama, Promsvyazbank, Grinex, The Henry Jackson Society, Alexander Browder, Kaitlin Martin, the EU, U.K., United States, Russia, Ukraine, and Western sanctions dispute these figures citing circular transactions. A7A5 activity declined significantly after sanctions imposed by the U.S., European Union, and United Kingdom alongside the collapse of Grinex earlier this year.