PANews reported on June 26 that according to BeInCrypto, the ruble stablecoin A7A5 issued by Kyrgyzstan has achieved a trading volume of $9.3 billion in four months, but its current market value is only $156 million. On-chain data shows that most of the stablecoin's trading volume is concentrated in the sanctioned Russian exchange Grinex (formerly Garantex), and the high-frequency turnover of the same batch of accounts has pushed up the trading data.

It is worth noting that there is evidence that A7A5's ruble reserves are actually stored in the Russian state-owned bank Promsvyazbank, which mainly serves the Russian defense industry. Russian Finance Ministry officials have publicly stated that they will use such stablecoins to challenge the dominance of the US dollar. Analysis points out that this abnormal transaction pattern shows that Russia may circumvent international sanctions through Kyrgyzstan's stablecoin project.