TechFlow, October 17 — A new report from blockchain analytics firm Chainalysis reveals that Russia has become the European country with the highest cryptocurrency adoption rate. Between July 2024 and June 2025, Russia received $376.3 billion in cryptocurrency transactions, a 48% year-on-year increase, significantly surpassing the UK's $273.2 billion.
The report highlights two main drivers behind Russia's cryptocurrency market growth: an 86% year-on-year surge in large institutional transfers and an eightfold increase in DeFi activity at the beginning of 2025. Notably, A7A5, a ruble-pegged stablecoin issued in Kyrgyzstan, has become the world's largest non-dollar stablecoin despite facing multiple sanction allegations.
Analysts suggest that Russia's rapid DeFi expansion and rising high-value transfers indicate increasing use of cryptocurrencies as tools for financial services.
