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Trading volumes of ruble-denominated cryptocurrencies soars after punitive Western sanctions against Russia triggered a flight from the Russian currency. The ruble plunged to record lows today due to the fallout from the invasion of Ukraine.
Data tracked by Kaiko, a Paris-based cryptocurrency research provider, shows that the volume of ruble-denominated bitcoin has risen to nearly 1.5 billion rubles, hitting a high since May. Trade boom also on the tether-ruble. Tether is the world‘s largest stablecoin by market value and offers the characteristic of price stability in the often volatile world of cryptocurrencies by maintaining a 1: 1 link to the US dollar.