Russia has become the leader in crypto adoption in Europe, receiving $376 billion in crypto assets in a year, a Chainalysis report showed the rapid growth of DeFi.
Chainalysis: Russia overtakes Britain in crypto adoption
Russia has become the largest crypto market in Europe, overtaking the UK and Germany, the analytical company Chainalysis reported.
According to its data, from July 2024 to June 2025, Russia received $376.3 billion in cryptocurrencies, which is 48% more than a year earlier.
For comparison, Britain received $273.2 billion over the same period, almost a third less.
Institutional demand and DeFi as drivers
Chainalysis explains the surge in activity in Russia by the growth of large institutional transfers and the active use of the DeFi sector.
Transactions over $10 million grew 86% year-on-year, twice as fast as the rest of Europe.
“The scale of institutional activity in Russia is particularly notable,” Chainalysis analysts noted.
In addition to large deals, the country also saw growth in the small retail segment, about 10% faster than other markets.
The DeFi explosion and the emergence of a sanctions-hit stablecoin
Russian DeFi activity increased eightfold in the first half of 2025. One key driver is the A7A5 stablecoin, pegged to the ruble and issued in Kyrgyzstan.
The EU and the US accuse him of facilitating sanctions evasion and ties to the Grinex platform, the successor to the blocked Garantex, which was implicated in money laundering.
Context: A regional shift in the crypto economy
The Chainalysis report connected previously divided regions — Central, Northern, Western and Eastern Europe, reflecting a new geopolitical map of the crypto market.
The Russian surge in crypto activity comes despite tightening sanctions and Moscow’s exclusion from the Financial Stability Board’s (FSB) review of cross-border regulation.
Analysts believe that such dynamics indicate a reorientation of Russian finance towards cryptocurrency as an alternative to traditional payment channels and capital storage.
