I'm starting to write some in-depth articles. This time, the topic is "Russia's Cryptocurrency Landscape." I've always heard that besides the US, China, and South Korea, Russia is among the top adopters of cryptocurrencies, but due to its unique political nature and the impact of war, Russian cryptocurrencies are shrouded in mystery. Statistics on European crypto activity from July 2024 to June 2025 show that Russia received $376.3 billion worth of crypto assets during this period, ranking first in Europe and far exceeding the UK's $273.2 billion. As of the end of 2024, Russia accounted for approximately 16% of global Bitcoin hashrate—second only to the US. While the world is trying to push Russia out of the traditional financial system, a new, underground crypto economy is rapidly growing. OTC vendors are the capillaries of Russia's crypto market, while local exchanges like Garantex are the heart of the black market. In 2025, a new piece was quietly placed on the table: A7A5, a stablecoin issued by a Kyrgyz platform and touted as "ruble-pegged." A Financial Times investigation revealed that A7A5 completed transactions equivalent to approximately $6-8 billion within four months, mostly occurring on weekdays and concentrated during Moscow trading hours. The custodian bank was Promsvyazbank, a Russian defense bank under sanctions. A7A5 plays a subtle role: 1. For Russian companies, it is a "ruble stablecoin that can bypass the risks of USDT"; 2. For regulators, it is an "invisible tool for putting the ruble on the blockchain and incidentally bypassing bank scrutiny." Is Russia a "crypto superpower"? The answer is more complex than imagined. twitter.com/Anitahityou/status...