According to a new report from blockchain analytics platform Chainalysis, stablecoin usage in Russia has increased since the start of the war against Ukraine. This report published on October 12 shows that the share of stablecoin transaction volume on Russian services increased from 42% in January to 67% in March following the Russian invasion and has continued to increase since then.
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According to an anonymous expert interviewed by Chainalysis, Russia's removal from the SWIFT system could potentially lead to the use of cryptocurrencies for transactions across borders, with stablecoins currently the medium of exchange of choice for a large portion of users due to their price stability.
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The report also suggests that much of the increase in stablecoin usage is likely due to ordinary Russian citizens exchanging the ruble for stablecoins in order to protect the value of their assets amid high inflation levels in a context of conflict and uncertainty such as the current one.
Similarly, it also indicates as main reasons why companies may be adopting cryptocurrencies to carry out international transactions.
