Illicit entities received around $141 billion through stablecoins in 2025, the highest level seen in the past five years, says blockchain analytics firm TRM Labs.
TRM said in a report released Tuesday that the increase does not reflect broader growth in cryptocurrency-based crimes, but does show an “increased reliance on stablecoins within specific types of activities where they offer clear operational advantages.”
Stablecoins have been particularly used in sanctions-linked networks and large-scale money movement services, he said.
Sanctions-related activity accounted for 86% of all illicit crypto flows in 2025. Of the $141 billion in stablecoin flows, around half, or $72 billion, were tied specifically to the Russian ruble-pegged A7A5 token, “whose activity is almost entirely concentrated in sanctions-linked ecosystems,” TRM said.
Russia-linked networks, such as one called A7, intersect with other state-linked ecosystems, including entities linked to China, Iran, North Korea and Venezuela, “underscoring how stablecoins have become a connecting infrastructure for sanctioned actors seeking to move value outside of traditional financial controls,” TRM stated.
Guarantee markets exclusively in stablecoins
Comparatively, scams, ransomware, and hacking activity make more selective use of stablecoins, often favoring Bitcoin (BTC) or other crypto assets before using stablecoins later in the laundering process.
The report also noted that categories such as illicit goods and services and human trafficking showed “near total use of stablecoins,” suggesting that these markets “prioritize payment certainty and liquidity over price appreciation.”
Volume on collateral marketplaces like Huione grew to more than $17 billion by the end of 2025, predominantly in stablecoins.
“The fact that approximately 99% of this volume is denominated in stablecoins reinforces the role these services play as laundering infrastructure, not as speculative venues,” they stated.
Related: Cryptocurrency launderers are moving away from centralized exchanges: Chainalysis
Chainalysis reported in early February that cryptocurrency flows into suspected human trafficking networks increased by 85% year-over-year in 2025. They noted that international escort services and prostitution rings operated almost exclusively using stablecoins.
TRM Labs reported that total stablecoin activity will surpass $1 trillion in monthly transaction volume multiple times in 2025.
Approximately this in one year is equivalent to around 12 trillion dollars, which means that illicit use represents around 1% of the total.
Compared to the United Nations estimate, the amount of illicit money laundered globally in a year is 2% to 5% of global GDP, or about $800 billion to $2 trillion.
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