A7A5 says it processed $34.4 billion from Jan. 1 to June 17, 2026, while TRM Labs and Elliptic estimate far lower activity and a steep decline in volume.
A7A5 says crypto data providers are understating trading activity in its sanctioned ruble-pegged stablecoin, disputing market figures that indicate volumes have dropped sharply this year. The issuer said it processed $34.4 billion from Jan. 1 to June 17, 2026, equal to about $205 million a day. That contrasts with TRM Labs' estimate of roughly $75 million in daily volume, while Elliptic said monthly volume has fallen more than 90% since January. The gap highlights a recurring issue in digital-asset markets, where activity can vary depending on which venues, transfers and reporting methods are counted, leaving investors and analysts with conflicting views of liquidity and usage.