Shard

The Russian cryptocurrency market
2025 results

SHARD study on the Russia's cryptocurrency market in 2025 based on our own blockchain analytics dataset: transaction volumes, liquidity structure, risks, fraudulent schemes, and the development of ruble-pegged stablecoins
  • The size of the Russia's crypto market and transaction structure
  • Exchanges, exchangers, P2P, OTC, and DeFi Infrastructure
  • Risk segments, AML/KYC, and criminal flows
  • Fraud schemes and the growth of the ruble-pegged stablecoins
Download report

Some findings may surprise you

32.1 trillion ₽
The volume of the Russia's crypto market in 2025
>98% of the volume
Not associated with a high-risk segment
A7A5 >1.5 trillion ₽
Monthly peak volume of the ruble-pegged stablecoin

What's really happening in the Russian crypto market?

There is much talk about the Russian crypto market: shady schemes, lack of regulation, and inability to assess the actual volumes. But what does the data show? The SHARD team has analyzed tens of trillions of rubles in cryptocurrency transactions and compiled the actual picture of the market but not as it is depicted in media headlines.

Within the study, you will find answers to the questions asked today by banks, compliance departments, regulators, investors, and market participants:
  • How big is the real Russian cryptocurrency market?
    Analysis of volumes, transaction structure, and key market participants.
  • Where is liquidity concentrated today?
    Exchanges, exchangers, OTC, P2P, and major capital hubs.
  • What role do centralized exchanges, exchangers, and P2P infrastructure play?
    How is structured the Russian crypto market infrastructure in 2025.
  • How large is the share of high-risk and criminal transactions?
    Analysis of risk segments, AML/KYC, and the structure of high-risk flows.
  • Which fraud schemes proved to be the most effective in 2025?
    Phishing, fake investments, social engineering, and new methods of embezzlement.
  • How do Russian stablecoins evolve?
    The growth of A7A5, cross-border settlements, and formation of a new financial infrastructure.

Report Data: 11 charts and 4 tables

15 pages of analysis, tens of trillions of rubles in on-chain data, charts, tables, and visualizations of the structure of the Russia's crypto market in 2025.
the identified sources of funds classified as 'very high risk': dark markets, stolen funds, hacking services, and other criminal flows recorded in the Russian cryptocurrency sector in 2025.
All of this — in a single study
Data on actual volumes, liquidity structure, risks, fraudulent schemes, and the development of Russian stablecoins-based on SHARD’s proprietary on-chain analytics dataset
Download report