First reported by en.bloomingbit.io
Sanctioned Russian Stablecoin A7A5 Faces Volume-Inflation Claims as Real Use Stays Limited
Dispute erupts between Russian sanctioned stablecoin issuer and blockchain analytics firms over trading volume claims
By
Olivier Acuna
3d ago· 4 min readenNews
Summary
A dispute is brewing between A7A5, a sanctioned Russian ruble-backed stablecoin issuer, and blockchain analytics firms over the token's actual trading volume. A7A5 claims it averages $205 million in daily trading volume and processed $34.4 billion in the first half of 2024, but analytics firms say the token's volumes have fallen sharply this year. The stablecoin is designed to facilitate cross-border payments outside Western financial channels, raising questions about its effectiveness in evading sanctions.
Source
bskyDispute erupts between Russian sanctioned stablecoin issuer and blockchain analytics firms over trading volume claimscoindesk.comKey quotes
· 1 pulledAccording to Oleg Ogienko, A7A5's director for regulatory affairs, most of the tokens's activity takes place in decentralized finance
A7A5 claims crypto data providers understate its trading activity, while blockchain analytics firms say the ruble-backed token's volumes have fallen sharply this year.
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