Despite steady growth across the continent, Russia now leads the race, with the United Kingdom and Germany following.
A historic shift is underway in cryptocurrencies. Russia has surpassed the United Kingdom, taking the top spot for crypto adoption in Europe, according to the latest European Crypto Adoption Report by blockchain analytics firm Chainalysis.
Despite steady growth across the continent, Russia now leads the race, with the United Kingdom and Germany following.
Rapid surge of crypto flows to Russia
During the period July 2024 – June 2025, cryptocurrency inflows into the Russian market reached $376.3 billion, surpassing the UK’s $273.2 billion. This marks a significant reversal in regional leadership, as London had previously held the top spot.
Chainalysis attributes Russia’s rise to a rapid increase in institutional activity and the explosive growth of decentralized finance (DeFi).
Large capital movements — over $10 million — increased by 86%, nearly double the 44% growth rate in other European countries.
This indicates growing participation from institutional players, such as corporations and major investors, who now account for the bulk of trading volume in Russia.
At the same time, smaller investors and retail users saw annual growth approximately 10% higher than the European average.
Explosive growth in DeFi and Stablecoins
DeFi activity in Russia increased dramatically.
Chainalysis reports that “by early 2025, DeFi activity had skyrocketed to eight times its previous levels, eventually stabilizing at approximately three and a half times above the 2023 baseline.”
A central role in the country’s digital economy is now played by A7A5, a stablecoin pegged to the ruble, introduced in early 2025. This digital currency has become a key tool for cross-border payments for businesses and institutional users.
Despite international sanctions facing Russia, A7A5 emerged as the largest non-USD stablecoin, with a market capitalization of $500 million by the end of September — surpassing Circle’s EURC, which is pegged to the euro.
Strong growth across other European markets
Although Russia now leads the region, other European countries have also shown notable progress, according to Cointribune:
• Germany: 54% growth, reinforcing its position as a hub for crypto companies.
• Ukraine: 52% growth, mainly due to crypto use in daily transactions and remittances.
• Poland: 51% growth, also driven by increased adoption by individuals and businesses.
Chainalysis notes that the European crypto market in 2024–2025 has entered an advanced transformation phase. This transition is attributed to factors such as:
• the implementation of the MiCA regulatory framework (Markets in Crypto-Assets),
• increased institutional participation,
• and the continued penetration of DeFi.
The MiCA framework has provided clearer guidelines for industry activities across the European Union, helping standardize practices and attract institutional investors.
This new reality indicates that Europe is entering a mature phase of the digital economy, with Russia — despite geopolitical challenges — leading in the adoption of innovative financial technologies.
www.bankingnews.gr
Despite steady growth across the continent, Russia now leads the race, with the United Kingdom and Germany following.
Rapid surge of crypto flows to Russia
During the period July 2024 – June 2025, cryptocurrency inflows into the Russian market reached $376.3 billion, surpassing the UK’s $273.2 billion. This marks a significant reversal in regional leadership, as London had previously held the top spot.
Chainalysis attributes Russia’s rise to a rapid increase in institutional activity and the explosive growth of decentralized finance (DeFi).
Large capital movements — over $10 million — increased by 86%, nearly double the 44% growth rate in other European countries.
This indicates growing participation from institutional players, such as corporations and major investors, who now account for the bulk of trading volume in Russia.
At the same time, smaller investors and retail users saw annual growth approximately 10% higher than the European average.
Explosive growth in DeFi and Stablecoins
DeFi activity in Russia increased dramatically.
Chainalysis reports that “by early 2025, DeFi activity had skyrocketed to eight times its previous levels, eventually stabilizing at approximately three and a half times above the 2023 baseline.”
A central role in the country’s digital economy is now played by A7A5, a stablecoin pegged to the ruble, introduced in early 2025. This digital currency has become a key tool for cross-border payments for businesses and institutional users.
Despite international sanctions facing Russia, A7A5 emerged as the largest non-USD stablecoin, with a market capitalization of $500 million by the end of September — surpassing Circle’s EURC, which is pegged to the euro.
Strong growth across other European markets
Although Russia now leads the region, other European countries have also shown notable progress, according to Cointribune:
• Germany: 54% growth, reinforcing its position as a hub for crypto companies.
• Ukraine: 52% growth, mainly due to crypto use in daily transactions and remittances.
• Poland: 51% growth, also driven by increased adoption by individuals and businesses.
Chainalysis notes that the European crypto market in 2024–2025 has entered an advanced transformation phase. This transition is attributed to factors such as:
• the implementation of the MiCA regulatory framework (Markets in Crypto-Assets),
• increased institutional participation,
• and the continued penetration of DeFi.
The MiCA framework has provided clearer guidelines for industry activities across the European Union, helping standardize practices and attract institutional investors.
This new reality indicates that Europe is entering a mature phase of the digital economy, with Russia — despite geopolitical challenges — leading in the adoption of innovative financial technologies.
www.bankingnews.gr
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