Россия заняла первое место в Европе по объему криптоопераций с рекордными $376 млрд Russia ranked first in Europe for crypto transactions with a record $376 billion.

From July 2024 to June 2025, the size of the Russian cryptocurrency market reached $376 billion, placing Russia at the top among European countries. This is noted in a report by Chainalysis.

Historically, the list was led by the United Kingdom, which has now been pushed to second place with a figure of $273.2 billion. The top five includes Germany ($219.4 billion), Ukraine ($206.3 billion), and France ($180.1 billion).

Experts also observed a record increase in the volume of crypto transactions attributed to Russia, reaching $379.3 billion.

Key factors include the rise in the number of large institutional transfers. Transactions exceeding $10 million surged by 86%, nearly twice the European average.

«Other segments of the Russian crypto ecosystem, particularly the activity of small retail investors, demonstrated growth rates that moderately surpassed the European averages,» the specialists added.

Another contributing element was the rise of DeFi. At the beginning of 2025, activity in this segment jumped nearly eightfold compared to mid-2023. Although this figure later adjusted, it remained above initial levels.

By the end of the year, major European economies recorded over a 50% increase in crypto transactions. The highest rates were observed in Germany, Ukraine, and Poland.

Analysts emphasized that the observed trend corresponds to the S-curve of technology adoption, but with one distinction: even in mature markets, sustainable growth continues instead of the expected plateau effect.

«There is an unexpected positive correlation in the region between transaction volumes and growth rates, challenging the common belief that larger markets grow more slowly,» they noted.

The implementation of the MiCA regulation has positively influenced market dynamics, according to Chainalysis. Analysts pointed out a surge in institutional interest within the sector.

The DeFi sector also experienced consistent growth. Countries in the European Economic Area excelled in cross-chain operations, with activity in that category being 65% higher in February and March 2025 compared to other regions. Interest in crypto lending among European users has also risen.

The new regulations changed the landscape of stablecoins. The European Securities and Markets Authority has issued 15 licenses to stablecoin issuers.

Restrictions on access to non-compliant MiCA assets like USDT prompted a liquidity redistribution. The use of EURC from Circle surged by 2727% from July 2024 to June 2025.

European banks are also increasingly exploring opportunities to launch their own euro stablecoins. In September, nine major financial institutions announced the formation of a consortium to issue a «stablecoin» in accordance with MiCA.

In October, the French banking giant ODDO BHF also reported the release of EUROD, a euro-pegged stablecoin on the Polygon network.

Notably, Ukraine and Russia ranked eighth and tenth, respectively, in Chainalysis’s global cryptocurrency adoption index for 2025.