Illicit networks managed to funnel approximately $141 billion through stablecoins in the year 2025, marking the highest amount recorded in the past five years, according to blockchain analytics company TRM Labs.
TRM’s report, published on Tuesday, clarified that this surge does not indicate a wider increase in crypto-related crime but illustrates a growing dependence on stablecoins for certain activities where they provide significant operational benefits.
The report highlights that stablecoins were especially prevalent in networks evading sanctions and handling large sums of money.
Sanction-related activities constituted 86% of all illicit crypto transactions in 2025. Out of the total $141 billion in stablecoin movements, around half, or $72 billion, was associated with the Russian ruble-pegged token A7A5, which is used predominantly within networks evading sanctions.
The Russian networks, such as A7, also engage with state-related systems in countries like China, Iran, North Korea, and Venezuela, emphasizing how stablecoins have emerged as a linking infrastructure for sanctioned entities aiming to transfer value outside conventional financial systems.
Guarantee Marketplaces Focused on Stablecoins
In contrast, activities like scams, ransomware, and hacking are selective in their use of stablecoins, often opting for Bitcoin (BTC) or other cryptocurrencies initially before later incorporating stablecoins during the money laundering phase.
The report also pointed out that markets dealing in illicit goods and human trafficking show almost complete reliance on stablecoins, indicating that these sectors value payment security and liquidity more than potential price gains.
Transactions on guarantee marketplaces, such as Huione, skyrocketed to more than $17 billion by late 2025, with stablecoins constituting the main currency used.
This might suggest that nearly 99% of the total volume in these markets is in stablecoins, underlining their role as facilitators of money laundering rather than mere speculative platforms.
TRM Labs has additionally reported that total transactions using stablecoins crossed $1 trillion multiple times in 2025. This averages out to around $12 trillion a year, indicating that illicit activities represent approximately 1% of overall stablecoin use.
Comparing this figure with estimates from the United Nations, the sum of illicitly laundered money globally within a year is projected between 2% and 5% of global GDP, equating to roughly $800 billion to $2 trillion.
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