Illicit entities received about $141 billion through stablecoins in 2025, the highest level in five years, according to a new report from TRM Labs.
The blockchain analytics firm said sanctions evasion networks and large-scale money movement services accounted for most of the flows, with sanctions-related activity making up 86% of all illicit crypto transactions during the year.
“Stablecoins have become a connective infrastructure for sanctioned actors seeking to move value outside traditional financial controls,”
Said TRM Labs in its report.
Roughly $72 billion of the illicit stablecoin volume was linked to the Russian ruble-pegged token A7A5, whose activity TRM said is “almost entirely concentrated within sanctions-linked ecosystems.”
The report noted that categories such as illicit goods, services and human trafficking showed near-total stablecoin usage, adding that:
“99% of this volume is denominated in stablecoins reinforcing their role as laundering infrastructure rather than speculative venues.”
TRM said total stablecoin transaction volumes exceeded $1 trillion on multiple occasions in 2025, implying roughly $12 trillion annually, with illicit activity representing about 1% of that total.
The findings come as regulators scrutinise stablecoin oversight globally, with the United Nations estimating that between $800 billion and $2 trillion is laundered worldwide each year, equivalent to 2% to 5% of global GDP.