Trading Volume of Russian Ruble Against USDT Reaches Six-Month Peak Following Wagner Uprising

The insurrection led by the Wagner Group (a Russian private military entity made up of mercenaries) against Putin’s administration appears to have sparked a heightened interest in trading the Ruble against USDT.

As per data provided by Kaiko, the trading volume of USDT against the Russian ruble has reached its highest point since December 2022.

• In addition to exposing significant fractures within Russia’s military and conflicts among its factions, the Wagner uprising seems to have ignited a greater fascination with cryptocurrency among Russians.
• Recent statistics indicate that the overall daily trading volume between the country’s official currency and Tether’s stablecoin – USDT – has surged to a six-month peak.
• Notably, the trading volume exceeded $30 million per day when Russia initiated its “special military operation” against Ukraine at the start of 2022.

  USDT-RUB Trading Volume, Source: Kaiko

• Another report from CCData revealed that the daily trading volume of ruble-USDT skyrocketed to nearly $15 million on June 24 (the day following the private military group’s revolt against the Russian government).

  USDT-RUB Trading Volume, Source: CCData

• This is not the first instance of Russians showing increased interest in the cryptocurrency market due to significant challenges.
• Bitcoin trading volumes against the ruble surged in March of the previous year amid the substantial devaluation of the local currency.

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