Stablecoin transactions totaled at least $35 trillion in 2025, marking nearly 20% growth from 2024, according to blockchain analytics firm TRM Labs. Monthly transaction volumes exceeded $1 trillion multiple times, driven by sustained usage rather than short-lived spikes. Illicit flows, while rising to $141 billion, accounted for roughly 0.4% of total activity, underscoring that stablecoin usage remains overwhelmingly legitimate.
Most illicit stablecoin activity was concentrated within sanctions-linked networks, with over half tied to the ruble-pegged A7A5 token. Despite this, A7A5 executives maintain that their operations comply with local regulations and implement KYC and AML procedures. Stablecoins represented 86% of all illicit crypto flows in 2025, reflecting their growing role in high-risk, cross-border financial systems.
The analysis highlights a dual trend: continued mainstream adoption of stablecoins across financial and commercial applications, alongside increasing centralization of illicit networks. This dynamic underscores the importance of regulatory oversight while emphasizing stablecoins’ dominant role in legitimate onchain transactions.
