Illicit entities channeled approximately $141 billion through stablecoins in 2025, marking a five-year peak, according to blockchain analytics firm TRM Labs.
TRM Labs reports this surge reflects a deeper reliance on stablecoins within specific illicit activities offering clear operational advantages, rather than a general rise in crypto crime.
Stablecoins are notably prevalent in sanctions-linked networks and large-scale money movement services. Sanctions-related activity comprised 86% of all illicit crypto flows in 2025. Of the $141 billion in stablecoin flows, roughly $72 billion was linked to the Russian ruble-pegged token A7A5, predominantly within sanctions-linked ecosystems.
Russian-linked networks, including those connected to China, Iran, North Korea, and Venezuela, demonstrate how stablecoins facilitate value transfer outside traditional financial controls for sanctioned actors.
While scams, ransomware, and hacking often use other cryptocurrencies initially before converting to stablecoins for laundering, categories like illicit goods and services and human trafficking show near-total stablecoin usage. These markets prioritize payment certainty and liquidity.
Volume on guarantee marketplaces, predominantly in stablecoins, surged past $17 billion by late 2025, underscoring their role as laundering infrastructure. International escort services and prostitution networks operated almost exclusively using stablecoins.
TRM Labs noted total stablecoin activity exceeded $1 trillion in monthly transaction volume multiple times in 2025. While illicit use accounts for about 1% of this total, it remains a significant concern compared to global money laundering estimates.