A7A5 Stablecoin Sees $140B in Turnover, but Raises Concerns over Concentrated Ownership

Ruble-denominated stablecoin A7A5 has seen significant activity since its launch in February 2025, processing close to $140 billion in turnover.

The token is primarily used for cross-border settlements, with around 90% of flows linked to China. According to PSB Bank CEO Pyotr Fradkov, the platform serves roughly 15,000 regular customers and processes around 2,000 payments a day.

However, a recent report by Crystal Intelligence revealed that one wallet holds 94.5% of A7A5's Tron-based supply, worth around $468 million out of the total $475 million issued across Tron and Ethereum. This concentration of ownership is concerning, as it raises questions about market manipulation.

The token's trading activity has also declined sharply since its peak in March 2026, falling by 97% to below $8 million per day. This decline coincided with the shutdown of Grinex, A7A5's main trading venue at the time.