Russia's Crypto Holdings Reach $44 Billion as Daily Transactions Soar

Russia's crypto market has reached an estimated $44 billion in total holdings, according to Deputy Finance Minister Ivan Chebeskov. This figure includes both direct cryptocurrency ownership and financial products linked to digital assets.

The country's daily transaction volume is around 50 billion rubles, with approximately 20 million users collectively holding these assets. These estimates are based on expert data used by the Finance Ministry, rather than a complete government count of every wallet or transaction.

Regulators expect that as activity moves through licensed exchanges, brokers, and digital depositories, they will be able to gather more precise data on the market.

Chebeskov also emphasized that foreign stablecoin issuers can freeze assets beyond Russian control, leaving investors with potential losses. He cited Tether's (USDT) and Circle's (USDC) terms as examples of how these issuers may block addresses linked to prohibited activity or freeze tokens at the request of government authorities.