Illicit actors received roughly $141 billion through stablecoins in 2025 — the highest level recorded in the past five years — according to blockchain analytics firm TRM Labs.
In a report released Tuesday, TRM said the spike does not signal an overall surge in crypto-related crime. Instead, it reflects a “deeper reliance on stablecoins within specific activity types where they offer clear operational advantages.”
The firm noted that stablecoins have been widely used in sanctions-linked networks and large-scale value transfer services. Sanctions-related transactions made up 86% of all illicit crypto flows in 2025.
Of the $141 billion in stablecoin activity, about $72 billion — roughly half — was tied to the Russian ruble-pegged token A7A5, whose usage is reportedly concentrated almost entirely within sanctions-associated ecosystems.
TRM added that Russian-linked networks intersect with other state-aligned ecosystems, including entities connected to China, Iran, North Korea and Venezuela. This overlap, the report said, highlights how stablecoins have evolved into key infrastructure for sanctioned actors seeking to move funds outside traditional financial systems.
Guarantee marketplaces rely almost entirely on stablecoins
By comparison, scams, ransomware and hacking operations tend to use stablecoins more selectively, often preferring Bitcoin (BTC) or other crypto assets before converting to stablecoins later in the laundering chain.
The report found that sectors such as illicit goods and services and human trafficking display “near-total stablecoin usage,” indicating these markets favor payment stability and liquidity over potential price gains.
Activity on guarantee marketplaces such as Huione climbed sharply, surpassing $17 billion in volume by late 2025, with the vast majority of transactions conducted in stablecoins.
“The fact that roughly 99% of this volume is denominated in stablecoins reinforces the role these services play as laundering infrastructure, not speculative venues,” the report said.
Earlier in February, blockchain analytics firm Chainalysis reported that crypto flows to suspected human trafficking networks rose 85% year over year in 2025. International escort services and prostitution networks were found to operate almost exclusively using stablecoins.
According to TRM Labs, total stablecoin transaction volumes exceeded $1 trillion on multiple occasions in 2025. Annualized, that equates to roughly $12 trillion in activity, suggesting illicit stablecoin flows represent about 1% of the total.
For comparison, the United Nations estimates that between 2% and 5% of global GDP — or roughly $800 billion to $2 trillion — is laundered worldwide each year.
