Cryptocurrencies in international settlements

A study by the Bank for International Settlements (hereinafter - BIS), published in May 2025, shows that international flows of 4 cryptoassets (Bitcoin, Ethereum, Tether and USD Coin) peaked at $2.6 trillion in 2021. This is equivalent to 12% of global trade in goods. At the same time, Tether and USD Coin stablecoins accounted for $1.2 trillion (50%).

One key driver for the use of cryptoassets in payments is to reduce the costs of international transfers, which arise in traditional banking: the higher the banks' commission, the more actively cryptocurrencies are used. Cryptocurrencies are especially popular for payments in small amounts. For example, in 2023-2024, the United States will be ranked No. 1 in Bitcoin usage, followed by the United Kingdom, Russia and Turkey.

Unlike the banking system, where the intensity of transfers is related to geographical, linguistic and cultural proximity of countries, cryptocurrencies do not depend on such factors: cryptocurrency can be used for transfers between countries that do not have established economic and banking ties between them.¹ According to JP Morgan, settlements in cryptoassets allow us to refuse the system of bank correspondent accounts, which significantly reduces the cost and speeds up payments.

In the study, the BIS concludes that capital controls imposed by banking regulators have little or no effect on cryptocurrency flows, and sometimes even lead to an increase in cryptocurrency transactions.

Experience of Russia and other

countries

According to the BIS, Russia accounts for 3.9% of all outgoing and 3.5% of all incoming transfers in Bitcoin worldwide. Transactions with Russian residents account for 4.3% to 5.8% of all international settlements in USDT and USDC stablecoins.

Such statistics are particularly interesting given the legislative ban on the use of digital currencies (both decentralized cryptocurrencies and stablecoins) by Russian residents for both domestic settlements and export contracts. However, in the context of sanction restrictions, in the absence of a system of control over the fulfillment of such legal requirements, in fact such transactions, as can be seen from the BIS report, are carried out.²

The EU MiCA Regulation states that cryptocurrencies as a means of payment provide opportunities for cheaper, faster and more efficient payments, including cross-border payments, by reducing the number of intermediaries. However, in Turkey, for example, the use of cryptocurrencies for payments has been banned since 2021.

It seems that the further development of the international settlement system will be connected in one way or another with the use of cryptocurrencies. The development of the concept of central bank digital currencies by financial regulators, including in Russia, further confirms the general understanding of the future role of technology in the settlement system.

From the monitoring issue No. 5 (17), May 2025. Download the full issue (PDF) · issue page at the Gaidar Institute