Sanctioned Russian Stablecoin’s Usage Numbers Under Fire From Analysts

A sanctioned ruble backed stablecoin built to help move money outside Western banking networks is now facing pushback over how much it’s actually being used, with independent researchers painting a very different picture than the company itself.

Conflicting Numbers on Daily Trading Volume

The token’s operators say it handles around 205 million dollars in trades every day and has moved more than 34 billion dollars since the start of the year. They argue most of this activity happens through decentralized platforms, where users trade directly from wallet to wallet without needing to verify their identity.

Blockchain research firms tell a different story. One analytics group estimates real daily volume is closer to 75 million dollars and says it’s been shrinking. They also allege a large chunk of the reported activity is simply funds moving in circles to make usage look bigger than it is. Another firm found that monthly transaction volume has dropped more than 90 percent since January, following sanctions from the US, UK, and EU, along with the collapse of a major linked exchange.

Company Pushes Back on Data Sources

The stablecoin’s representatives argue major crypto data trackers unfairly rely on centralized exchange numbers, missing most of its DeFi-based activity. They claim this creates an inaccurate and biased picture of actual usage.

Experts say the token remains largely limited to a Russia connected network, since sanctions have blocked it from being listed on most global platforms, though it can still be swapped into other cryptocurrencies through certain regional services.