Stablecoin volume reached $35 trillion in 2025 as illicit share stays below 0.5%

Even as sanctions-linked networks drove $141 billion in illicit stablecoin flows last year, TRM data shows the activity represents a fraction of total transaction volume. What to know : Less than 0.5% of stablecoin transactions in 2025 were tied to illicit activity, even as total stablecoin transfer volume rose nearly 20% to at least $35 trillion. Illicit entities received $141 billion in stablecoins in 2025, more than half of it linked to the ruble-pegged A7A5 token, whose executives dispute claims that their operations are illegal. Stablecoins made up 86% of all illicit crypto flows in 2025, with sanctions-related networks such as the A7 ecosystem evolving into large, centralized cross-border financial systems.