Moscow’s $376-B Crypto Milestone Puts Russia Ahead Of Europe

according to Sequential analysisRussia received over US$376 billion through the network encryption Remittances between July 2024 and June 2025, ahead of the UK’s $273 billion.

The value of this metric was transferred to wallets and addresses linked to Russia during the 12-month period. Based on reports, this number was driven by a combination of very large transfers, rising DeFi activity, and the increasing use of ruble-pegged stablecoins.

Large transfers and DeFi activity

Large transactions appear to have pushed the overall total higher. Remittances over $10 million rose 86% in Russia over the year, a much faster increase than seen in other European markets.

DeFi activity also expanded sharply, rising about eight-fold in early 2025 compared to mid-2023 levels before stabilizing at about 3.5 times the previous baseline. These moves suggest that larger players, including funds and institutional traders, are moving large amounts across the chain.

Stablecoins drive cross-border movement

Reports have indicated a peg to the ruble Stable coinknown as A7A5, as one of the bars used for cross-border settlement.

The token reached nearly $500 million in market cap in early October, and on-chain transfers associated with it have exceeded $40 billion in recent months, according to blockchain trackers.

US and European officials have raised concerns about links between some stablecoin flows and sanctioned entities, drawing more attention to where the money comes from and where it goes.

Regulatory transformations and the digital ruble

Russia is also preparing official options for digital money. Based on reports, the central bank is planning a national digital issuance rubles It will launch on September 1, 2026, and lawmakers have discussed rules that could require major companies to back a central bank digital currency from the start.

There has been talk of creating a national cryptocurrency bank and measures to open retail access to trading, steps that could turn some informal activities into regulated channels.

Pressure points and practical effects

High transaction volume does not mean widespread adoption of retail among the population. Much of the growth is concentrated in wholesale flows – trading desks, settlement remittances, and companies using stablecoin paths.

This focus makes the overall numbers big and real, but it also means that the typical consumer may not use cryptocurrencies for routine payments. However, the case of the A7A5 shows how quickly the bars on the chain expand when other propulsion methods are restricted.

Featured image from Unsplash, chart from TradingView

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