Russia Tops Europe in Cryptocurrency Adoption, Tracking $376 Billion

The latest report from US blockchain analytics firm Chainalysis indicates that countries in Europe, such as the United Kingdom and Germany, are falling behind Russia in cryptocurrency adoption.

According to Chainalysis’ recent European Crypto Adoption report, Russia has become the top crypto market, accumulating $376.3 billion in cryptocurrency from July 2024 to June 2025.

Published on Thursday, this report consolidates analyses of areas previously reviewed separately, now encompassing Central, Northern, Western, and Eastern Europe collectively.

“For this year’s report, we’ve restructured our regional classifications to better align with both current crypto trends and geopolitical dynamics,” Chainalysis stated.

Russia’s volumes up nearly 50% from last year

Crypto volumes received by Russia have risen by 48% from last year’s total of $256.5 billion, further extending its lead over major economies like the UK, which saw $273.2 billion in the past year—roughly 30% less.

Chainalysis attributes the rise in Russia’s crypto adoption to two key factors: a significant increase in large institutional transfers and heightened participation in decentralized finance (DeFi).

“The magnitude of institutional activity is particularly noteworthy,” Chainalysis remarked, observing that large transfers—those over $10 million—jumped by 86% year-over-year (YoY). This growth rate is nearly double the 44% increase seen across the rest of Europe, it added.

DeFi and retail contributing factors

In addition to institutional transactions, Russia also leads in both large and small retail market segments, with YoY growth surpassing that of the rest of Europe by approximately 10%.

“DeFi adoption trends show an even more dramatic increase,” Chainalysis noted, highlighting that Russia’s DeFi activities surged eightfold over previous levels in early 2025.

The rapid expansion of DeFi in Russia, along with the growth in high-value transfers, suggests an increasing acceptance of cryptocurrency for financial services, according to Chainalysis.

It also noted that A7A5—a stablecoin pegged to the ruble and issued in Kyrgyzstan—serves as a key example of this trend, enabling cross-border payments for both institutional and commercial users.

Launched in early 2025, A7A5 has risen to become the largest non-US dollar stablecoin by market cap, despite being subjected to various sanctions.

The European Union has criticized this stablecoin for allegedly being used by Russia to circumvent sanctions. Additionally, the US government has connected A7A5 to Grinex, the successor to Garantex, which reportedly engaged in money laundering and ransomware schemes involving $100 million in illicit transactions.

Related: US rises to 2nd in crypto adoption as APAC sees most growth: Chainalysis

The ruble-pegged stablecoin reached a market cap of $500 million in late September, surpassing major non-US dollar counterparts such as Europe’s euro-pegged EURC, issued by Circle.

Chainalysis’ findings regarding Russia’s growth in the crypto market over the past year arise amid increasing sanctions and heightened regulatory scrutiny in the region. Notably, Russia was excluded from the Financial Stability Board’s peer review on cross-border regulation, which was also published Thursday.