According to online reports, the latest report from blockchain analysis company Chainalysis shows that Russia has become the country with the highest adoption rate of cryptocurrencies in Europe. Between July 2024 and June 2025, Russia received US$376.3 billion in cryptocurrency transactions, a year-on-year increase of 48%, significantly ahead of the UK's US$273.2 billion. The report pointed out that the growth of the Russian cryptocurrency market is mainly driven by two factors: a year-on-year surge in transfers from large institutions of 86% and an eight-fold increase in DeFi activity in early 2025. It is worth noting that the ruble anchored stablecoin A7A5 issued in Kyrgyzstan has become the world's largest non-US dollar stablecoin despite facing multiple sanctions allegations. Analysts believe that Russia's rapid expansion of DeFi and the increase in large transfers indicate that the country is increasingly adopting cryptocurrencies as a financial services tool.