Stablecoin volume reached $35 trillion in 2025 as illicit share stays below 0.5%
In 2025, stablecoin transaction volume hit $35 trillion, with illicit activity accounting for less than 0.5% of the total.Summary
According to a TRM Labs report, stablecoin transaction volume reached at least $35 trillion in 2025, marking a nearly 20% increase from 2024's $27.5 trillion, with monthly volumes exceeding $1 trillion multiple times. Illicit flows represented only about 0.4% of this total activity. However, illicit entities received $141 billion in stablecoins in 2025, the highest in five years, with $72 billion linked to the ruble-pegged A7A5 token operating in sanctions-linked networks. A7A5's director, Oleg Ogienko, disputed TRM's characterization of this activity as illegal, asserting compliance with Kyrgyzstan's regulations, despite the U.S. Treasury sanctioning A7A5's affiliated entities and reserve bank. The report noted that stablecoins comprised 86% of all illicit crypto flows in 2025, highlighting their dominance in high-risk ecosystems, particularly through the A7 ecosystem tied to sanctions evasion.
(Source：CoinDesk)