Stablecoin Transactions Surge to $35 Trillion, Illicit Use Stays Below 0.5%

Stablecoin Transaction Volumes Keep Rising

New data shows stablecoin transfers surged to over $35 trillion in 2025, marking a nearly 20% increase year-on-year. This growth highlights the expanding role of stablecoins in cross-border payments, daily transactions, and the broader digital economy.

Illicit Activity Remains Minimal

Despite the massive transaction volume, illicit usage remains minimal, accounting for less than 0.5% of total flows. Illicit actors obtained approximately $141 billion worth of stablecoins, with a significant portion linked to ruble-pegged tokens.

Stablecoins Dominate Underground Crypto Economy

Stablecoins now account for 86% of all illicit cryptocurrency flows, underlining their dominance in the underground financial ecosystem. Some sanctioned networks have evolved into centralized cross-border financial infrastructures, posing new challenges to global financial regulation.