Stablecoins just replaced Bitcoin for crime on the dark web – and the reason why is a $154 billion nightmare
Stablecoins now dominate dark web crime, accounting for 84% of $154 billion in illicit volume, driven by their stability and utility for nation-states.Summary
The illicit cryptocurrency economy has fundamentally shifted, with stablecoins replacing Bitcoin as the primary currency for dark web crime, accounting for 84% of the $154 billion illicit transaction volume in 2025, according to Chainalysis data. This migration is due to stablecoins offering lower volatility and easier cross-border utility, effectively creating a shadow banking system for criminals and state actors to evade Western controls.
This shift marks the arrival of "Wave 3"—large-scale nation-state activity—as countries like Russia (using its ruble-backed A7A5 token), Iran, and North Korea leverage these rails for sanctions evasion and funding. This is supported by the industrialization of money laundering through Chinese money laundering networks (CMLNs) that offer "laundering-as-a-service" and resilient infrastructure.
While illicit activity remains under 1% of the legitimate crypto economy, the qualitative shift toward state-sponsored crime utilizing stablecoins raises significant national security concerns, demanding increased cooperation between law enforcement and regulators to disrupt this professionalized shadow economy.
(Source：CryptoSlate)