Eastern Europe has established itself as the world’s fourth-largest cryptocurrency market, with DeFi transactions accounting for 33% of the region’s $499 billion crypto value flow between July 2023 and June 2024, according to Chainalysis data.
To circumvent international sanctions and facilitate cross-border transactions with Chinese counterparts, Russian companies are increasingly turning to stablecoins like Tether (USDT), leveraging their speed, cost-efficiency, and ability to bypass traditional banking channels.
Over 50 clients of the Russian crypto exchange Beribit attempted to stage a protest at the company’s office in Moscow, demanding the return of their funds amidst rumors of a potential crypto exchange ban in the country.
