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A Russian Stablecoin Claims Billions in Volume. Analysts Say It's Collapsing

calendar_today July 6, 2026 person coinpaprika domain coinpaprika

A7A5, a sanctioned Russian ruble-pegged stablecoin, says it processed $34.4 billion this year and averages $205 million in daily volume. Blockchain analytics firms TRM Labs and Elliptic say real usage is far lower and heavily inflated by circular transactions.

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