Stablecoin volume reached $35 trillion in 2025 as illicit share stays below 0.5%

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Stablecoin volume reached $35 trillion in 2025 as illicit share stays below 0.5% Even as sanctions-linked networks drove $141 billion in illicit stablecoin flows last year, TRM data shows the activity represents a fraction of total transaction volume. By Olivier Acuna | Edited by Jamie Crawley Feb 19, 2026, 12:25 p.m. Make us preferred on Google Less than 0.5% of stablecoin transactions were tied to illicit activity in 2025, according to a recent report by blockchain analytics platform TRM Labs. (satheeshsankaran/Pixabay, modified by CoinDesk) What to know : Less than 0.5% of stablecoin transactions in 2025 were tied to illicit activity, even as total stablecoin transfer volume rose nearly 20% to at least $35 trillion. Illicit entities received $141 billion in stablecoins in 2025, more than half of it linked to the ruble-pegged A7A5 token, whose executives dispute claims that their operations are illegal. Stablecoins made up 86% of all illicit crypto flows in 2025, with sanctions-related networks such as the A7 ecosystem evolving into large, centralized cross-border financial systems. Less than 0.5% of stablecoin transactions were tied to illicit activity in 2025, according to a recent report by blockchain analytics platform TRM Labs . Illicit flows accounted for roughly 0.4% of overall activity, underscoring that stablecoin usage remains overwhelmingly legitimate, TRM Labs' analysis showed. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . TRM said 2025 was the first year stablecoin activity exceeded $1 trillion in monthly transaction volume multiple times, with sustained throughput rather than short-lived speculative spikes. In 2024, stablecoin transaction volume experienced unprecedented growth with total onchain transfer volume exceeding $27.5 trillion , and in 2025, it increased by nearly 20% to at least $35 trillion . Illicit activity followed a similar trajectory of concentration and scale. In 2025, illicit entities received $141 billion in stablecoins, the highest level observed in five years, of which $72 billion was linked to the A7A5 token, a ruble-pegged stablecoin operating within sanctions-linked networks. Oleg Ogienko, A7A5's director for Regulatory and Overseas Affairs, told CoinDesk that “TRM Labs tries to call all Russian external trade illicit or illegal. But this is of course a wrong statement.” In separate comments during an interview at Consensus Hong Kong 2026 , Ogienko was even more defiant, saying he was looking to debate anyone who accuses him of breaking any compliance laws through his stablecoin company. “We are fully compliant with the regulations of Kyrgyzstan. We do not do illegal things,” he said. "We have KYC procedures, and we have AML mechanisms embedded into our infrastructure. We do not violate any Financial Action Task Force principles." However, Old Vector LLC and A7 LLC, A7A5's issuing and affiliated entities, and Promsvyazbank (PSB), the bank that holds the reserves, are sanctioned by the U.S. Department of the Treasury, barring the U.S. dollar-denominated financial world from interacting with them. TRM Labs report said stablecoins accounted for 86% of all illicit crypto flows in 2025, underscoring how dominant they have become within high-risk ecosystems. Sanctions-related networks consolidated dramatically in 2025, with the A7 ecosystem alone tied to at least $83 billion in direct volume. These networks increasingly resemble parallel cross-border financial systems rather than isolated actors. By comparison, 2024 represented a scaling phase. Laundering infrastructure such as guarantee services expanded rapidly from 2022 through mid-2025, peaking above $17 billion per quarter, with roughly 99% of volume denominated in stablecoins. But the institutionalization and centralization seen in 2025, particularly via A7 and front-company exchanges, had not yet reached the same scale. TRM Labs Stablecoins More For You Zoomex: Precise Systems of Fairness and Transparency by Design By CoinDesk Jan 31, 2026 Commissioned by Zoomex Read full story More For You The bank of the future: 77% of stablecoin users say they’d open a wallet with their bank today By Jamie Crawley | Edited by Sheldon Reback 1 hour ago YouGov survey published by Coinbase and BVNK also found that 71% of users would use a stablecoin-linked debit card as a means of spending them. What to know : Some 77% of the survey's 4,658 respondents said they would open a cryptocurrency or stablecoin wallet within their banking or fintech app if one were available. A survey commissioned by crypto exchange Coinbase and stablecoin infrastructure provider BVNK also found that 71% of users would use a stablecoin-linked debit card to spend the fiat-linked tokens. Stablecoin users on average hold 35% of their annual earnings in such tokens, and 73% of freelancers and contractors reported an improvement in their ability to work with international clients thanks to stablecoins. 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