Most Used Crypto in Russia: Adoption Trends and Top Coins Explained

KEY TAKEAWAYS

• Russia’s crypto inflows reached $379 billion in 2024-2025, a 48% increase, driven by sanctions and inflation, positioning it as Europe’s top adopter.
• Large institutional transfers grew 86%, nahead double Europe’s average, highlighting a shift toward professional-scale adoption.
• Stablecoins like A7A5 dominate, with a $500 million cap, facilitating payments amid ruble volatility.
• BTC and ETH lead in holdings and DeFi, with BTC comprising over 60% of assets in some estimates.
• Future growth may include the launch of the digital ruble in 2026, but enhanced regulations could temper unchecked expansion. 

Russia has become a major player in the world of cryptocurrencies, outpacing traditional European leaders in adoption. Recent show that the government received about $376.3 billion in cryptocurrency transactions from July 2024 to June 2025. 

This is a large 48% rise from the previous year. This amount puts Russia ahead of the UK, which recorded $273.2 billion in inflows during the identical period, indicating a shift in the region’s dynamics. and stablecoins are two of the main factors that have led to the expansion. 

Other factors include geopolitical tensions, economic needs, and technological progress. This article examines patterns in cryptocurrency adoption, the main drivers of these trends, the most popular cryptocurrencies, and the evolving regulatory landscape. It does this by using extensive data to provide a research-based summary.

Russia: The Leader of Crypto Adoption in Europe

The 2025 Geography of Crypto Report says that Russia is the largegest market in Europe, with transaction volumes far higher than those of other countries. The country got $379.3 billion in donations this year, up from $256.5 billion last year.

This shows that both institutions and regular people are getting involved. Germany came in second with $219.4 billion, Ukraine came in third with $206.3 billion, and France came in fourth with $180.1 billion. This shows that Russia’s lead is growing. 

In Russia, large-scale transfers of more than $10 million rose by 86%, which is almost twice the 44% growth viewn in the rest of Europe. This focus on institutions shows how Russia is becoming a more mature crypto hub, where network effects such as improved liquidity and more participants keep growth going.

Analysts have found that, in Europe, larger markets tend to grow quicker, contradicting the idea that larger economies sluggish down. Instead, Russia’s size viewms to speed up adoption through self-reinforcing mechanisms.

The Main Reasons for Russia’s Crypto Boom

Russia’s crypto growth is mostly driven by political and economic factors. The crisis in Ukraine and the international sanctions that followed have made cryptocurrencies more popular as a way to protect against inflation and make cross-border payments easier.

Matthias Bauer-Langgartner, who is in charge of European strategy at Chainalysis, said, “I strongly believe that the growth and adoption of crypto assets in Russia has been driven by the war and sanctions regimes.” 

He also , “Crypto assets are not just casually used to avoid sanctions.” They have a true, long-term plan behind them. The Russian central bank says inflation remains high at 8.2%, making people more likely to use digital assets to protect their wealth. Sanctions, notably 19 packages from the European Union, the most recent of which targets crypto platforms, have made traditional finance harder to use. 

This has led to a shift to DeFi and no-KYC platforms. Ursula von der Leyen, President of the European Commission, said, “As evasion tactics become more sophisticated, our sanctions will change to stay ahead.” This shows how flexible the regulatory reaction is. In 2024, Russia made cryptocurrency legal for international payments and mining. 

President Vladimir Putin pushed for its usage, saying, “No one can stop people from using BTC.” Ivan Chebeskov, the Deputy Finance Minister, said, “We have millions of citizens, by some estimates 20 million, who use cryptocurrency for various purposes.”

This shows that many people are using it for retail purposes. Even though crypto is banned for internal transactions in some countries, enforcement has been fragile, allowing platforms like peer-to-peer networks and quick platforms to grow.

The Most Popular Cryptocurrencies in Russia

Stablecoins are the most significant type of cryptocurrency in Russia. They assist facilitate international trade even during sanctions. The , which is tied to the ruble, has become a key part of the market, with a market cap of $500 million by ahead October 2025. This makes it the largest stablecoin in the world that isn’t the U.S. dollar. A7A5 was created in Kyrgyzstan but is extensively used in Russia. 

It makes it easier for businesses and institutions to make cross-border payments, demonstrating how DeFi can overcome prohibitions. BTC is still a major player, often brought up in policy discussions and holding a large share, about 62% in some analyses, because it is simple to trade and accepted around the world. 

ETH is the backbone of most of the DeFi activity. Its blockchain allows for smart contracts and decentralized apps, which have grown eight times since the beginning of 2025. Stablecoins linked to the US dollar, such as , are common because they are stable and can be used to avoid sanctions.

They make up a major part of both illegal and legal movements. Grinex, the successor to the banned Garantex platform, is another platform that makes trading these assets easier. In other situations, stablecoins account for roughly 84% of transaction value, underscoring their usefulness in a currency market that changes rapidly.

Trends in Adoption: From Retail to Institutional

Russia’s use of cryptocurrency is growing across both retail and institutional sectors. later than an ahead boom, DeFi activity has stabilized at three and a half times its mid-2023 levels.

There are almost 20 million retail customers who use and peer-to-peer services to connect their bank accounts to crypto trading. Centralized finance (CeFi) is becoming more popular for large trades, but is becoming more popular because it is private and works better. 

Chainalysis says that small retail activity in Russia is higher than the European average because of remittances and the need to save money.

Bauer-Langgartner said, “Because of this ban, we can view a lot of DeFi growth, where people go to no-KYC platforms, peer-to-peer platforms, or what are called instant platforms.” But crypto is only a small part of the largeger picture of avoiding sanctions because it can be tracked and has limited liquidity.

As Bauer-Langgartner said, “These analytical capabilities that we have and are always improving have a huge impact on the usability of funds with sanctions exposure.”

The State of Regulations and The Future

Russia’s rules are a mix of promotion and control. Crypto is illegal in the US, but using it abroad is lawful, and mining is now legal. The central bank plans to launch a digital ruble nationwide on September 1, 2026. The goal is to combine state-backed digital assets. 

Analysts enforcement will improve, as Bauer-Langgartner said: “Enforcement could still be better, and it might be in the future.” Russia’s 10th place in the 2025 Global Crypto Adoption Index shows that the country is still growing, possibly due to network effects and regulatory changes. As sanctions change, crypto’s role may grow, but systems that track transactions could limit illegal uses.

FAQs

What is driving crypto adoption in Russia?

Geopolitical sanctions, high inflation, and the need for cross-border payments have accelerated adoption, with DeFi offering alternatives to restricted banking.

Which cryptocurrency is most used in Russia?

Stablecoins like A7A5 and USDT are known for their stability, while BTC holds a major share due to its global acceptance and liquidity.

How does Russia’s crypto volume compare to Europe?

Russia’s $376.3 billion in transactions exceeds the UK’s $273.2 billion, making it the regional leader in terms of growth rates.

Is crypto legal in Russia?

Crypto is legalized for international payments and mining but banned for domestic transactions, with lax enforcement enabling retail use.

What is the future of crypto in Russia?

The digital ruble launch in 2026 signals state integration, but evolving sanctions and regulations may influence long-term trends.

References

• : Crypto Adoption in Europe: The World’s Largest Crypto Market.
• : Why Russia became the top European country for crypto adoption.
• : Russia Tops Europe in Crypto Adoption With $376.3B in Transfers – What’s Driving the Surge?