Stablecoins Now Drive 86% of All Illicit Crypto Flows, TRM Labs Finds

TLDR: Illicit stablecoin flows hit $141B in 2025, the highest figure TRM Labs has recorded in five years. Sanctions-linked networks drove 86% of all illicit crypto volume, anchored by Russia’s A7 platform. Guarantee services moved funds that were 99% stablecoin-denominated, peaking above $17B per quarter. Zedcex and Zedxion processed 83% of volume in USDT before [...]

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