TRM Labs records five-year peak with 86% of flows linked to international sanctions evasion.
Illicit entities received approximately $141 billion through stablecoins in 2025, the highest level observed in the past five years according to TRM Labs. The blockchain analytics company published a report highlighting how this increase does not reflect a general growth in crypto-enabled crime, but shows a “deeper dependence on stablecoins within specific types of activities where they offer clear operational advantages”.
Sanctions-related activity represented 86% of all illicit crypto flows in 2025. Of the $141 billion in stablecoin flows, approximately half, equal to $72 billion, was specifically connected to the A7A5 token pegged to the Russian ruble, “whose activity is almost entirely concentrated within ecosystems connected to sanctions,” TRM stated. Russia-linked networks, such as the one called A7, intersect with other state ecosystems, including entities linked to China, Iran, North Korea and Venezuela.
Escrow marketplaces recorded volumes exceeding $17 billion by the end of 2025, predominantly in stablecoins. Platforms like Huione saw 99% of their volume denominated in stablecoins, “reinforcing the role these services play as money laundering infrastructure, not as speculative venues,” according to TRM Labs. Categories such as illicit goods and services and human trafficking showed “almost total stablecoin usage,” suggesting that these markets “prioritize payment certainty and liquidity over price appreciation”.
Despite the high numbers for illicit use, TRM Labs reported that total stablecoin transaction volume exceeded $1 trillion on multiple occasions in 2024. Approximating this figure on an annual basis yields about $12 trillion, which means illicit use represents approximately 1% of the total.
