Illicit stablecoin activity hit 5-year high of $141B in 2025: TRM Labs

Sanctions evasion networks, guarantee marketplaces, and large-scale money laundering schemes dominated illicit stablecoin use, says TRM Labs.

Illicit entities received around $141 billion via stablecoins in 2025, the highest level observed in the last five years, says blockchain analytics firm TRM Labs.

TRM said in a report released on Tuesday that the increase doesn’t reflect a broader growth in crypto-enabled crime, but does show a “deeper reliance on stablecoins within specific activity types where they offer clear operational advantages.”

Stablecoins have been particularly used in sanctions-linked networks and large-scale money movement services, it said. 

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