Russia Becomes the European Country with the Highest Cryptocurrency Adoption Rate

Jinse Finance reported that according to the latest report from blockchain analytics firm Chainalysis, Russia has become the European country with the highest cryptocurrency adoption rate. From July 2024 to June 2025, Russia received $376.3 billions in cryptocurrency transactions, a year-on-year increase of 48%, significantly ahead of the UK's $273.2 billions. The report points out that the growth of Russia's cryptocurrency market is mainly driven by two factors: a year-on-year surge of 86% in large institutional transfers, and an eightfold increase in DeFi activity in early 2025. Notably, the ruble-pegged stablecoin A7A5 issued in Kyrgyzstan has become the world's largest non-USD stablecoin, despite facing multiple sanction allegations. Analysts believe that the rapid expansion of DeFi and the increase in large transfers in Russia indicate that the country is increasingly adopting cryptocurrencies as a financial services tool.