Inflation, supply chain cuts and sanctions by the US and others have all hit the Russian ruble. Since Russia’s first invasion of Ukraine, the ruble has lost 40% of its value against the US dollar. As a result, some Russian citizens are taking refuge in cryptocurrencies. So which altcoins/tokens do Russians buy? And why is it important? We can answer these questions by using Binance, one of the largest exchanges in the world.
Binance shows how the Russians are fighting inflation
Many Russian citizens take similar positions with the ruble falling relative to the US dollar. With the increase in inflation, there is an increase in the prices of daily basic needs, cars, televisions and medicines. Binance, the world’s largest crypto exchange by trading volume, could provide some insight into Russian crypto purchases. However, this data still represents the largest single source of fiat-to-crypto trading in the world and may give a good idea of what cryptos Russians are finding security in…
What altcoins/tokens are the Russians buying?
Looking at Binance transactions, stablecoins are among the most popular transactions by Russians. The USDT-RUB pair is the largest trading pair that includes the ruble by volume. This is in line with recent reports that Russian Tether trading is booming, and closely aligns with what Turkish investors are buying. As Bitcoin.com reports, Russian ruble transactions account for more than 2% of global USDT transaction volume.
Most preferred cryptocurrencies: BTC, BNB, ETH, XRP
The second most popular investment is Bitcoin (BTC), which is in line with what we’ve seen from other countries. Binance’s native stablecoin, Binance USD (BUSD-USD), is the third-largest choice. Ethereum (ETH-USD) and XRP (XRP-USD) complete the list of the five most traded ruble crypto trades.
Why these altcoins/tokens?
Ethereum is the second largest crypto by market capitalization and has extensive use in decentralized finance. Ripple (XRP) is an ISO 20022 compliant currency generally used for international remittances. This means it is an ideal cryptocurrency for overseas transfers.
Why is this data important?
Investors are constantly looking for low-risk, high-yield investments. This desire has grown more recently as fears of a recession in the US have led investors to safer investments. So, based on which cryptos Russians are buying in the face of fiat currency volatility, we can see which coins and tokens benefit the most from inflation. This is something to consider in the days and weeks ahead.