TLDR
- Russia saw a 48% increase in crypto adoption, reaching $376.3 billion in 2025.
- Institutional transfers in Russia surged 86% year-over-year, outpacing Europe.
- Russia’s DeFi adoption grew 8x in early 2025, driving its crypto dominance.
- A7A5 stablecoin, launched in 2025, becomes the world’s largest non-USD stablecoin.
Russia has emerged as the leader in cryptocurrency adoption across Europe, surpassing major economies like the United Kingdom and Germany.
According to a recent report from U.S. blockchain analytics firm Chainalysis, Russia received a total of $376.3 billion in crypto transactions between July 2024 and June 2025, marking a nearly 50% increase from the previous year. In contrast, the U.K. recorded just $273.2 billion, about 30% less than Russia.
Russia’s Growth in Crypto Adoption
Russia’s significant growth in crypto activity can be attributed to two main factors: an increase in institutional transfers and a surge in decentralized finance (DeFi) usage. Chainalysis highlighted that large institutional transfers, especially those exceeding $10 million, surged by 86% year-over-year (YoY) in Russia. This growth nearly doubles the 44% observed across the rest of Europe. The rise in institutional activity underscores Russia’s growing integration of cryptocurrency into its financial services sector.
Meanwhile, Russia’s retail market has also seen impressive growth. The country has outpaced Europe in both large and small retail crypto transactions by about 10% YoY. This expansion reflects broader adoption across different market segments, not just institutions.
Decentralized Finance Plays a Key Role
In addition to institutional growth, Russia’s rapid expansion in decentralized finance (DeFi) has been a major driver of its crypto dominance. DeFi adoption in Russia surged by eight times its previous levels in early 2025. This dramatic shift highlights a growing interest in decentralized financial services, which operate outside traditional banking systems. As more users and businesses turn to DeFi platforms, Russia has positioned itself as a key player in the space.
One notable example of this trend is the A7A5 stablecoin. Launched in early 2025, A7A5 is a ruble-pegged stablecoin issued in Kyrgyzstan, now the world’s largest non-U.S. dollar stablecoin by market capitalization. Despite facing sanctions, A7A5 has gained traction for its role in facilitating cross-border payments. This stablecoin plays a significant part in both institutional and business transactions, fueling the demand for crypto in Russia.
Sanctions and Controversies Surrounding Russian Crypto Growth
The rapid rise of A7A5 has raised concerns, particularly from the European Union and the U.S. government. Both have criticized the stablecoin as a tool for evading international sanctions. Furthermore, the U.S. has linked A7A5 to Grinex, a platform connected to money laundering and ransomware attacks.
These issues add a layer of complexity to Russia’s growing crypto adoption, especially as the country continues to expand its use of digital currencies despite increasing global scrutiny.
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