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$376-B Crypto Milestone Puts Russia Ahead of Europe

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According to Tachalysis, Russia received more than $376 billion in crypto transfers between July 2024 and June 2025, ahead of the United Kingdom.

That metric measures the amount of money moved to and addresses tied to Russia in a 12-month window. Based on reports, this figure was driven by a mix of massive transfers, rising defi activity, and the growing use of ruble-linked stablecoins.

Great referrals and defi work

It looks like the biggest deal has been seen to be full of value. Transfers greater than $10 million rose by 86% in Russia in the year, a faster increase than seen in other European markets.

Defi activity has also been significantly increased – an increase of about eighty at the beginning of 2025 compared to the average levels of 2023 before settling about 3.5 times earlier. Those times suggest that major players, including financial and institutional traders, are moving significant amounts off the chain.

Stablecoins drive error-border movements

Reports have pointed to the Ruble-Peglecoin-pegged Stablecoin, known as A7A5, as one of the rails used for cross-border payments.

That token reached nearly $500 million in market capitalization at the beginning of October, and on-chain transfers have topped $40 million in recent months, according to Blockchain Trackers.

US and European officials have raised concerns about the connection between the flow of stablecoins and permissioned structures, which has drawn more attention to where the money comes from and where it goes.

The total Crypto Market Cap is currently at $3.6 trillion. Chart: Trade by trade

Control shifts and the digital ruble

Russia is also preparing for structured digital currency options. Based on reports, the Central Bank plans to launch the National Digital Ruble on September 1, 2026, and lawmakers are discussing laws that would require large companies to support the CBDC from the start.

There has been talk of a Crypto Bank and steps to open up access to retail, steps that could remove organized activity from regulated channels.

Pressure points and effective results

A high volume of transactions does not mean the acceptance of many constraints for people. Most of the growth is focused on more mobility – trading desks, settlement transfers, and firms using stablecoin rails.

That focus makes the aggregated numbers large and realistic, but it also means that the average consumer may not be using crypto for regular payments. However, the case of the A7A5 shows how fast the extra rail can be when other payment routes are pressed.

Featured image from unscurcwach, chart from trade sale

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