Stablecoin transaction volumes reached a record high of over $4 trillion between January and July of this year, according to a study by TRM Labs. The findings highlight the assets’ growing importance, noting an 83% rise in volumes between July 2024 and July 2025. In parallel, leading stablecoin issuers collectively increased their share of the total crypto market by 52%.

While TRM Labs assesses that 99% of stablecoin activity is licit, the assets are increasingly favored by criminals. In the first quarter of 2025 alone, stablecoins accounted for 60% of all illicit crypto transaction volume. TRM Labs links this concerning trend to the same factors that attract legitimate users: low transaction costs, speed and broad availability on open blockchains like Tron and Ethereum.

Analysis of the illicit stablecoin volume reveals three dominant categories, which together account for 83.3% of the total. “Blocklisted” (38.4%) is the largest segment, representing funds sent to or from addresses known to be associated with criminal activity. Its dominance suggests that efforts to identify and restrict high-risk addresses are successfully flagging a large portion of illicit funds.

Sanctions accounted for 27.6% of the total which indicates the use of stablecoins to bypass traditional financial systems and evade international restrictions. Scams (17.3%) which includes various forms of fraud, makes up the third-largest portion.

Beyond stablecoin usage, the TRM Labs study also assessed crypto adoption rates across 121 countries, revealing significant regional shifts. As shown by data, India retained its rank as the number one country for adoption. The U.S. secured the second spot after a 50% surge in transaction volume, which the study attributes to a combination of political, regulatory, and structural factors.

South Asia emerged as the fastest-growing region for crypto adoption, recording an 80% increase between January and July 2025 compared to the same period in 2024. The study also noted increasing adoption in North Africa, despite crypto being either banned or heavily restricted in the region.

• What is the record transaction volume for stablecoins this year? Stablecoin transaction volumes exceeded $4 trillion from January to July 2025.
• How much have stablecoin volumes increased in a year? There has been an 83% rise in stablecoin transaction volumes from July 2024 to July 2025.
• What percentage of stablecoin activity is considered illicit? In the first quarter of 2025, 60% of all illicit crypto transactions were conducted using stablecoins.
• Which regions are leading in crypto adoption? India remains the top country for crypto adoption, followed by the U.S., with South Asia showing the fastest growth at 80% increase.

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